Avaliação da eficiência térmica de um coletor solar tipo tubo evacuado modificado

$9$/,$d­2'$(),&,Ç1&,$7e50,&$'(80

&2/(72562/$57,3278%2(9$&8$'2

02',),&$'2

(OVRQ$YDOORQH

811((6633±±8811,,99((5566,,''$$''((((6677$$''88$$//33$$88//,,6677$$

--ÒÒ//,,22''((0(0(664488,,77$$)),,//++22 )

)$$&&88//''$$''((''((((11**((11++$$55,,$$ &

$9$/,$d­2'$(),&,Ç1&,$7e50,&$'(80

&2/(72562/$57,3278%2(9$&8$'2

02',),&$'2

(OVRQ$YDOORQH

'LVVHUWDomR DSUHVHQWDGD j )DFXOGDGH GH (QJHQKDULD GD 81(63&DPSXVGH%DXUX FRPR SDUWH GRV UHTXLVLWRV SDUD D REWHQomR GR WtWXOR GH 0HVWUH HP (QJHQKDULD 0HFkQLFD %$858±63 8

811((6633±±8811,,99((5566,,''$$''((((6677$$''88$$//33$$88//,,6677$$

--ÒÒ//,,22''((0(0(664488,,77$$)),,//++22 )

)$$&&88//''$$''((''((((11**((11++$$55,,$$ &

$YDOORQH(OVRQ

$YDOLDomRGDHILFLrQFLDWpUPLFDGHXPFROHWRU VRODUWLSRWXERHYDFXDGRPRGLILFDGR(OVRQ $YDOORQH

I

2ULHQWDGRU$OFLGHV3DGLOKD

'LVVHUWDomR0HVWUDGR±8QLYHUVLGDGH(VWDGXDO 3DXOLVWD)DFXOGDGHGH(QJHQKDULD%DXUX

(QHUJLDVRODU&ROHWRUHVVRODUHV7XER HYDFXDGR(ILFLrQFLDWpUPLFD,8QLYHUVLGDGH (VWDGXDO3DXOLVWD)DFXOGDGHGH(QJHQKDULD

$*5$'(&,0(1726

$JUDGHoRD8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´±&DPSXV GH %DXUX TXH PH DFROKHX GHVGH D WHQUD MXYHQWXGH QR &ROpJLR 7pFQLFR ,QGXVWULDO IRUPDQGRPH HP GXDV IDFXOGDGHV 7HFQRORJLD 0HFkQLFD H (QJHQKDULD 0HFkQLFD HVSHFLDOL]DomRHDJRUDPHVWUDGR

$RVPHXVJUDQGHVPHVWUHVTXHPHDMXGDUDPDFUHVFHUHPFRQKHFLPHQWR3URI 'U ,YDQ'RPHQLFR9DODUHOOL3URI'U9LFHQWH/XL]6FDORQ3URI'U&HOVR /XL]GD 6LOYD3URI'U-RmR&kQGLGR)HUQDQGHV3URI'U3DXOR-RVp3DXSLW]*RQoDOYHV3URI 'U*LOEHUWRGH0DJDOKmHV%HQWR*RQoDOYHVH3URI'U(GVRQ$QW{QLR&DSHOOR6RX]DH WRGRVRVSURIHVVRUHVGR'HSDUWDPHQWRGH(QJHQKDULD0HFkQLFDTXHVHPSUHHVWLYHUDP FRPLJRHWRUFHUDPSHORPHXVXFHVVR

$RV DPLJRV GH HVWXGR TXH IRUDP LQFDQViYHLV QDV DXODV OLVWDV GH H[HUFtFLRV WUDEDOKRVHDWLYLGDGHVGHVWDFDQGR$QGUp,VVDR6DWR*LOEHUWR%XHQRGH2OLYHLUD-XQLRU $OHQFDU 3HGURVR )LOKR 5LFDUGR &HFtOLR &ULVWLDQR $QJpOLFR /XL] (GXDUGR 5RGULJXHV 3HUHLUD0DUFHOR%DUERVDHWDQWRVRXWURV

$ WRGRV RV IXQFLRQiULRV GD )DFXOGDGH GH (QJHQKDULD GH %DXUX TXH VmR LQFDQViYHLVQRDX[tOLRDRVDOXQRVHSURIHVVRUHV

$&$3(6SHORDSRLRILQDQFHLUR

$*5$'(&,0(172(63(&,$/

(PDOJXPDVRFDVL}HVHVSHFLDLVGHQRVVDVYLGDV'HXVSUHFLVDDJLUSDUDTXHQmR VXFXPEDPRV

3DUDLVVR(OHHVFROKHSHVVRDVLOXPLQDGDVSDUDFUX]DUQRVVRVFDPLQKRV

4XDQGRUHHQFRQWUHLR3URI'U$OFLGHV3DGLOKDPHOHPEUHLGRVWHPSRVGDVDXODV GH ItVLFD QRV &XUVRV %UDVtOLD $V GLILFXOGDGHV HUDP GLIHUHQWHV GDV GH KRMH PDV D GHGLFDomRGHVVHJUDQGHPHVWUHVHPSUHIRLDPHVPD

3URIHVVRU 3DGLOKD 0XLWR REULJDGR SHORV HQVLQDPHQWRV SDFLrQFLD H SULQFLSDOPHQWHSRUVHUXPJUDQGHDPLJR1XQFDRHVTXHFLHMDPDLVRHVTXHFHUHL4XH 'HXVRDEHQoRHJUDQGHPHQWH

'HGLFDWyULD 'HGLFRHVWHWUDEDOKRDPLQKDDPDGDHVSRVD6XUpLDTXHWHPVLGRJUDQGHFRPSDQKHLUD DPRURVDLQFHQWLYDGRUDHGHGLFDGD6HPHODHXQmRWHULDFRQVHJXLGRHVVDWLWXODomR

5(6802

$QHFHVVLGDGHGHIRQWHVUHQRYiYHLVGHHQHUJLDGHYLGRiVDOWHUDo}HVFOLPiWLFDVH DVVLP D EXVFD GH IRQWHV OLPSDV GH HQHUJLD MXVWLILFDP R FUHVFHQWH LQYHVWLPHQWR HP QRYRVWLSRVGHFROHWRUHVVRODUHV$VSHVTXLVDVWrPFRQWULEXtGRFRPHVVDH[SDQVmRQR kPELWR GRV FROHWRUHV VRODUHV FRQFHQWUDGRUHV WHQGR FRPR REMHWLYR SULQFLSDO VXD 'HVHPSHQKR 0XLWRV WUDEDOKRV WHP VLGR GHVHQYROYLGRV XWLOL]DQGR D HVWUDWLILFDomR WpUPLFD GR IOXLGR QR LQWHULRU GRV WXERV H HP UHVHUYDWyULRV WpUPLFRV DVVLP FRPR D PRGHODJHPDQDOtWLFDSDUDRSUREOHPDGHIOX[RGHFDORU

%DVHDQGRVHQDVFDUDFWHUtVWLFDVGHRSHUDomRHHPSDUkPHWURVGHHILFLrQFLDGRV FROHWRUHV SRU WXERV HYDFXDGRV FRQYHQFLRQDLV HVWH WUDEDOKR SURS}H XP HVWXGR H[SHULPHQWDO GH DTXHFLPHQWR GH iJXD SRU VLVWHPD GH FDSWDomR VRODU SRU WXERV HYDFXDGRVPRGLILFDGRVHPUHODomRDXPVLVWHPDFRQYHQFLRQDO

8PDDERUGDJHPLPSRUWDQWHUHIHUHVHDVHSDUDomRItVLFDGRVIOX[RVGHiJXDIULDH TXHQWHQRLQWHULRUGRWXERHYDFXDGR2GHVHPSHQKRGRVLVWHPDIRLDQDOLVDGRDSDUWLUGH WHVWHVH[SHULPHQWDLVDRDUOLYUHFRPLQFLGrQFLDVRODU

2 YiFXR QR VLVWHPD HVWXGDGR SURSRUFLRQD OLQHDULGDGH H FRQVWkQFLD QD VXD HILFLrQFLDHPUHODomRDRVFROHWRUHVVRODUHVSRUSODFDVSODQDV

5HIHULQGRVH D FDSWDomR GH HQHUJLD GR VLVWHPD Ki XP DFUpVFLPR GH ƒ& QD WHPSHUDWXUDGHVDtGDGDiJXD DTXHFLGDHP UHODomRjVXDHQWUDGD2VLVWHPDHQVDLDGR FRP XP WXER HYDFXDGR SURGX]LX OLWURV GH iJXD DTXHFLGD GXUDQWH R GLD VRODU GLVSRQtYHO

3RUVHWUDWDUGHXPWUDEDOKRH[SHULPHQWDOLQpGLWRKiXPDJUDQGHGLILFXOGDGHHP ORFDOL]DUSHVTXLVDVUHIHUHQWHVDRPHVPRDVVXQWRGLILFXOWDQGRDVVLPFRPSDUDo}HVHQWUH RVUHVXOWDGRVREWLGRVHGHRXWURVWUDEDOKRVFLHQWtILFRV

3DODYUDV&KDYH(QHUJLD6RODU&ROHWRUHV6RODUHV7XER(YDFXDGR(ILFLrQFLD 7pUPLFD

$%675$&7

7KHQHHGIRUUHQHZDEOHHQHUJ\GXHWRFOLPDWHFKDQJHDQGWKXVWKHVHDUFKIRU FOHDQHQHUJ\VRXUFHVMXVWLI\WKHLQFUHDVHGLQYHVWPHQWLQQHZW\SHVRIVRODUFROOHFWRUV 5HVHDUFKKDVFRQWULEXWHGWRWKLVH[SDQVLRQZLWKLQWKHFRQFHQWUDWRUVRODUFROOHFWRUVZLWK WKHPDLQREMHFWLYHSHUIRUPDQFH0DQ\VWXGLHVKDYHEHHQGHYHORSHGXVLQJWKHWKHUPDO VWUDWLILFDWLRQRIWKHIOXLGLQVLGHWKHWXEHVDQGLQKHDWUHVHUYRLUVDVZHOODVWKHDQDO\WLF PRGHOLQJRIWKHSUREOHPRIKHDWIORZ

%DVHGRQWKHRSHUDWLQJFKDUDFWHULVWLFVDQGSHUIRUPDQFHSDUDPHWHUVRIHYDFXDWHG WXEHFROOHFWRUVIRUFRQYHQWLRQDOWKLVZRUNSURSRVHVDQH[SHULPHQWDOVWXG\RIKHDWLQJ ZDWHUE\VRODUFROOHFWLRQV\VWHPIRUWXEHVPRGLILHGFRPSDUHGWRDFRQYHQWLRQDOV\VWHP

$QLPSRUWDQWDSSURDFK UHIHUVWRSK\VLFDOO\VHSDUDWHWKHIORZVRIKRWDQGFROG ZDWHU LQVLGH WKH HYDFXDWHG WXEH 7KH V\VWHP SHUIRUPDQFH ZDV DQDO\]HG IURP H[SHULPHQWDOWHVWVRXWGRRUVLQVXQOLJKW

,Q WKLV VWXG\ WKH YDFXXP SURYLGHV OLQHDULW\ DQG FRQVWDQF\ LQ HIILFLHQF\ FRPSDUHGWRDIODWSODWHVRODUFROOHFWRUV

5HIHUULQJWRHQHUJ\KDUYHVWLQJV\VWHPWKHUHLVDQLQFUHDVHRIƒ&LQWKHRXWOHW WHPSHUDWXUHRIWKHKHDWHGZDWHUFRPSDUHGWKHHQWUDQFH:LWKRQO\RQHHYDFXDWHGWXEH ZHUHSURGXFWLRQRIOLWHUVRIKHDWHGZDWHUGXULQJWKHVRODUGD\DYDLODEOH

%HFDXVH LW LV D XQSXEOLVKHG H[SHULPHQWDO ZRUN WKHUH LV JUHDW GLIILFXOW\ LQ ORFDWLQJUHVHDUFKHVFRQFHUQLQJWKHVDPHVXEMHFWWKXVKDPSHULQJFRPSDULVRQVEHWZHHQ UHVXOWVDQGRWKHUVFLHQWLILFZRUNV

680È5,2

120(1&/$785$

/,67$'(),*85$6

/,67$'()2726

/,67$'(*5È),&26

/,67$'(7$%(/$6

,1752'8d­2

+LVWyULFR

3UHRFXSDomRGD218

_{$QRLQWHUQDFLRQDOGDHQHUJLDVXVWHQWiYHO}

_{7XERVHYDFXDGRV}

'HVHQYROYLPHQWRGRVDTXHFHGRUHVVRODUHVSRUWXERVHYDFXDGRV

5(9,6­2%,%/,2*5È),&$

_2%-(7,926

0$7(5,$,6(0e72'26

_{(TXLSDPHQWRVXWLOL]DGRV}

_,QVWDODomR

0pWRGRGHPHGLomRGDUDGLDomRVRODULQFLGHQWHQRWXERHYDFXDGR

_{([HPSORGHFiOFXOR}

$35(6(17$d­2'(5(68/7$'26

_{*UiILFRGHVLQDOGHVDtGDGDVWHPSHUDWXUDV6LJQ([SUHVVŠ}

_{*UiILFRVGRVSHUILVGHWHPSHUDWXUDVGHiJXDTXHQWHHIXQGRGRWXERHYDFXDGR}

_{*UiILFRGRVSHUILVGHWHPSHUDWXUDGRDUDPELHQWHHGDiJXDDTXHFLGD}

*UiILFRGHWHPSHUDWXUDDPELHQWHHiJXDIULD

_{*UiILFRGDVWHPSHUDWXUDVGDVXSHUItFLHH[WHUQDGHYLGURGRWXERHGDiJXDTXHQWH}

*UiILFRGHHILFLrQFLDWpUPLFDGRVLVWHPD

_{*UiILFRGDWD[DGHWUDQVIHUrQFLDGHFDORUVRODULQFLGHQWHHWD[DGHFDORUDEVRUYLGR}

*UiILFRVGHYD]mRPiVVLFD

_{*UiILFRGRH[SHULPHQWRHIHWXDGRQRGLDWRGR}

_{3URGXomRGRVLVWHPD}

$1È/,6(7(Ï5,&$

_{&RPSRUWDPHQWRGDVDtGDGHiJXDIULDQRIXQGRGRWXERHYDFXDGR}

_{&RPSRUWDPHQWRGDVDtGDGHiJXDTXHQWHGRWXERHYDFXDGR}

(VSHFWURGHYHORFLGDGHVQDVDtGDGRWXERHYDFXDGR

&21&/86®(6

75$%$/+26)878526

_%,%/,2*5$),$

120(1&/$785$

U 5DLRH[WHUQRGRWXERHYDFXDGR>P@

$ ÈUHDGDVXSHUItFLHGRODGRGRTXDGUDGR

GRSDUDOHOHStSHGRGRWXER>P_@ x

L

4 )OX[R_>:PGHFDORUVRODULQFLGHQWHQRORFDO_@ x

LV

4 )OX[RGHFDORUVRODULQFLGHQWHVXSHULRU_>:P@ x

LL

4 )OX[RGHFDORUVRODULQFLGHQWHLQIHULRU_>:P@ x

LO

4 )OX[RGHFDORUVRODULQFLGHQWHODWHUDO_>:P@ x

P 9D]mRPiVVLFD>NJV@

x

D

4

FRQVWDQWH>-NJ.@

7T 7HPSHUDWXUDGDIRQWHTXHQWH>ƒ&@

7I 7HPSHUDWXUDGDIRQWHIULD>ƒ&@

7H 7HPSHUDWXUDGHHQWUDGDGHiJXDIULD>ƒ&@

7V 7HPSHUDWXUDGHVDtGDGRFRQHFWRU>ƒ&@

Ș _{(ILFLrQFLDWpUPLFD>@}

P _0DVVD>NJ@

ȡ _{'HQVLGDGH>NJP@}

9 _9ROXPH>P@

W ,QVWDQWHGHWHPSRQDVLPXODomR>V@±

,QGLFDomRQDVLPXODomRGR&)'

/,67$'(),*85$6

)LJXUD5DLRVGH&DORUGH$UTXLPHGHV

)LJXUD5DLRVGHFDORUGH$UTXLPHGHV

)LJXUD5HVHUYDWyULRGH6DXVVXUH

)LJXUD'LVSRVLWLYRGH/DQJOH\

)LJXUD7XERHYDFXDGRFRPRGHVFULWRSRUGH6SH\HUHP

)LJXUDD5HIOHWRU'LIXVRE5HIOHWRU3DUDEyOLFR&RQFHQWUDGRU&3&

%8',+$5'-2

)LJXUD7XERHP³8´FRPDOHWDGHFREUHLQVWDODGRQRLQWHULRUGRWXERHYDFXDGRFRPR

GHVFULWRSRU/,$1*(7$/

)LJXUD,QVWDODomRGH7XER&HQWUDOWDOFRPRGHVFULWRSRU.,0H6(2

)LJXUD(TXLSDPHQWRGHPHGLomRXWLOL]DQGROkPSDGDV+DOyJHQDV.,0H6(2

)LJXUD$TXHFHGRUGHiJXDGRPpVWLFRXWLOL]DQGR+HDW3LSHGHVFULWRSRU<$1*H

:$1*

)LJXUD7LSRVGHVXSHUItFLHVDEVRUYHGRUDVGH7+(81,66(1H%(&.0$1

)LJXUD7XERHYDFXDGRHPFRUWH

)LJXUD6LVWHPDPRGLILFDGRHPFRUWH

)LJXUD(VTXHPDGRPRGHORPRGLILFDGRGHFROHWRUVRODUHYDFXDGR

)LJXUD3RQWRVGHPHGLo}HVGDVWHPSHUDWXUDV

)LJXUD'HWDOKHVGRVSRQWRVGHPHGLo}HVH

)LJXUD&RQHFWRUGHSDVVDJHP

)LJXUD&RQHFWRUGHSDVVDJHPHPFRUWH

)LJXUD,QVWDODomRGDYiOYXODGHHQWUDGDGHiJXDIULD

)LJXUD7XERLQVHULGRDWpRIXQGRGRWXERHYDFXDGR

)LJXUD9LVWDJHUDOGRVLVWHPDFRPSOHWR

)LJXUD/DGRGRTXDGUDGRGRSDUDOHOHStSHGRESDUDFDGDUHJLmRGRWXERFLUFXODU

LQWHUQR

)LJXUD&RPSRUWDPHQWRGDiJXDIULDQDVDtGDGRIXQGRGRWXERHYDFXDGR

)LJXUD&RPSRUWDPHQWRGDYHORFLGDGHQDVDtGDGHiJXDTXHQWHGRWXERHYDFXDGR

)LJXUD5HFLUFXODomRGHiJXDQDHQWUDGDGRWXERHYDFXDGR

)LJXUD(VSHFWURGHYHORFLGDGHVQDVDtGDGHiJXDTXHQWHGRWXERHYDFXDGR

)LJXUD5HFLUFXODomRGHiJXD

)LJXUD3HUILVGHYHORFLGDGHVQRLQWHULRUGRWXERHYDFXDGR

/,67$'()2726

)RWR6RODUtPHWUR

)RWR$QHP{PHWUR

)RWR%DODQoDGHSUHFLVmRPDUFD2+$86

)RWR5HVHUYDWyULRGHiJXDIULDSDUDPDQXWHQomRGDSUHVVmRFRQVWDQWH

)RWRD,PDJHPWpUPLFDGRUHVHUYDWyULRGiJXDE,PDJHPYLVtYHOJHUDGDSHOD

FkPHUDWpUPLFD

)RWR&kPHUD7pUPLFD)OXNH7L

)RWR,VRODPHQWRWpUPLFRGRFRQHFWRUGHSDVVDJHPGHiJXD

)RWR,QVWDODomRGRWXERHYDFXDGRHFRQHFWRUGHSDVVDJHP

)RWR/RFDOL]DomRJHRJUiILFDGRORFDOGRVHQVDLRVƒ6Hƒ

:

)RWR,PDJHPWpUPLFDGRWXERGHHQWUDGDGHiJXDIULDjVK

)RWR,PDJHPGHOX]YLVtYHOGRWXERGHHQWUDGDGHiJXDIULDjVK

)RWR,PDJHPWpUPLFDGDWHPSHUDWXUDGDVDtGDGHiJXDTXHQWHjVK

)RWR,PDJHPGHOX]YLVtYHOGDVDtGDGHiJXDTXHQWHjVK

)RWR,PDJHPWpUPLFDGRWXERHYDFXDGRjVK

)RWR,PDJHPOX]YLVtYHOK

/,67$'(*5È),&26

*UiILFR6LQDLVGHVDtGDVGRVSHUILVGHWHPSHUDWXUDVHPIXQomRGRWHPSR

*UiILFR3HUILVGHWHPSHUDWXUDVHPIXQomRGRWHPSRDSyVDSOLFDomRGHXPILOWUR

SROLQRPLDOVREUHRVGDGRVGRJUiILFR

*UiILFR3HUILVGHWHPSHUDWXUDVGDiJXDIULDHGDiJXDTXHQWHHPIXQomRGRWHPSR

*UiILFR3HUILVGH7HPSHUDWXUDVGHVDtGDGDiJXDTXHQWHHLQMHomRiJXDIULDQRIXQGR

GRWXERHYDFXDGRHPIXQomRGRWHPSR

*UiILFR3HUILVGHWHPSHUDWXUDVGRDUDPELHQWHHGDiJXDTXHQWHHPIXQomRGRWHPSR

*UiILFR3HUILVGHWHPSHUDWXUDVGRDUDPELHQWHHGDiJXDIULDHPIXQomRGRWHPSR

*UiILFR3HUILVGHWHPSHUDWXUDVGDVXSHUItFLHGRYLGURHGDiJXDTXHQWHHPIXQomRGR

WHPSR

*UiILFR(ILFLrQFLDWpUPLFDGRVLVWHPDHPIXQomRGRWHPSR

*UiILFR(ILFLrQFLDGHGLYHUVRVWLSRVGHFROHWRUHVVRODUHVVHJXQGR.$/2*,528

*UiILFR7D[DGHWUDQVIHUrQFLDGHFDORUVRODULQFLGHQWHHIOX[RGHFDORUDEVRUYLGRHP

IXQomRGRWHPSR

*UiILFR3HUGDVGRVLVWHPD±ÈUHDHQWUHWD[DGHFDORULQFLGHQWHHDWD[DGHFDORU

DEVRUYLGRHPIXQomRGRWHPSR

*UiILFR9D]mRPiVVLFD9D]mRLQLFLDONJVHPIXQomRGRWHPSR

*UiILFR3HUILVGHYD]}HVPiVVLFDVSDUDGLYHUVDVYD]}HVLQLFLDLVHPIXQomRGRWHPSR

*UiILFR3HUILVGHWHPSHUDWXUDVHPGLYHUVRVSRQWRVHPIXQomRGRWHPSRSHUtRGR

GLiULRFRPSOHWR

/,67$'(7$%(/$6

7DEHOD&DUDFWHUtVWLFDVJHRPpWULFDV

7DEHOD'DGRVFROHWDGRVQRGLD

7DEHOD7HPSHUDWXUDVGDiJXDGRDPELHQWHIOX[RDEVRUYLGRSHORVLVWHPDIOX[RGH

FDORUVRODULQFLGHQWHHHILFLrQFLDGRVLVWHPD

,1752'8d­2 +LVWyULFR

2 DTXHFHGRU VRODU p XP VLVWHPD FDSD] GH FRQYHUWHU HQHUJLD VRODU HP HQHUJLD WpUPLFD SHOR DTXHFLPHQWR GH XP IOX[R GH iJXD R TXDO p DUPD]HQDGR HP XP UHVHUYDWyULR RX VHMD FRPR FDORU VHQVtYHO RX DWUDYpV GH XP PDWHULDO GH PXGDQoD GH IDVHFRPRFDORUODWHQWH

2 HVWXGR GD FDSWDomR WUDQVIRUPDomR H DUPD]HQDPHQWR GD HQHUJLD VRODU HP HQHUJLD ~WLO WrP VH WRUQDGR DWXDOPHQWH XP UHOHYDQWH WySLFR GH SHVTXLVD H GHVHQYROYLPHQWR9iULRVSHVTXLVDGRUHVSHQVDGRUHVHILOyVRIRVWHQWDUDPVXDXWLOL]DomR SDUDRXVRGLiULRHDWpPHVPRFRPRPiTXLQDGHJXHUUD

/XFLDQR GH 6DPyVDWD HVFULWRU GR VpFXOR ,, HVFUHYHX TXH GXUDQWH R FHUFR GH 6LUDFXVD $& R JUDQGH FLHQWLVWD $UTXLPHGHV GHVWUXLX QDYLRV LQLPLJRV FRP XPDVpULHGHHVSHOKRV+($/7+2GLVSRVLWLYRpFKDPDGRGH³5DLRVGH&DORU GH$UTXLPHGHV´RX³5DLR6RODUGH$UTXLPHGHV´)LJXUDH)LJXUDHFRQFHQWUDYDD OX]VRODUQRVQDYLRVOHYDQGRRVjWHPSHUDWXUDGHDXWRLJQLomR&RPRRVEDUFRVHUDPGH PDGHLUDUHYHVWLGDGHEHWXPHDDXWRLJQLomRRFRUULDFRPIDFLOLGDGH

)LJXUD5DLRVGH&DORUGH$UTXLPHGHV

)LJXUD5DLRVGHFDORUGH$UTXLPHGHV )RQWHIPILDWOX[EORJVSRWFRPEUEORJSRVWKWPO

$ JUDQGHGLILFXOGDGHQDXWLOL]DomRGRVVLVWHPDV VRODUHVVHPSUHIRLD FDSWDomR GHVVDHQHUJLDHSRVWHULRUDUPD]HQDPHQWR

6RPHQWHQRVpFXOR;9,,,PDLVSUHFLVDPHQWHQRDQRGHRQDWXUDOLVWDVXtoR

+RUDFHGH6DXVVXUH%877,H3(5/,1LQLFLRXXPDVpULHGHH[SHULPHQWRVFRP XPUHVHUYDWyULRGiJXDUHYHVWLGDFRPLVRODPHQWRWpUPLFRHFREHUWDSRUXPDVXSHUItFLH HQYLGUDoDGD SUHWHQGHQGR DVVLP PDQWHU R FDORU HP VHX LQWHULRU FRPR LOXVWUDGR QD )LJXUD

-iHUDVDELGRTXHXPTXDUWRVH PDQWLQKDPDLVTXHQWHTXDQGRRVUDLRVVRODUHV DWUDYHVVDYDPDVMDQHODVGHYLGURPDVDWpHQWmRQHQKXPDSHVTXLVDKDYLDVLGRUHDOL]DGD VREUHRIHQ{PHQR

)LJXUD5HVHUYDWyULRGH6DXVVXUH

1R PHVPR DQR 6DXVVXUH LQLFLRX XPD VpULH GH H[SHULPHQWRV SDUD GHWHUPLQDU TXmR HIHWLYDPHQWH R VLVWHPD SRGHULD FDSWDU D HQHUJLD GR VRO &RPR QmR FRQVHJXLX FKHJDUDQHQKXPDFRQFOXVmRHVFUHYHX³$OJXPGLDDOJXPDXWLOLGDGHVHUiGDGDDHVVH HTXLSDPHQWRSHTXHQREDUDWRHIiFLOGHIDEULFDU´

(PRQRWiYHODVWU{QRPRLQJOrV6LU-RKQ+HUVFKHOHPXPDH[SHGLomRDR &DERGD%RD(VSHUDQoDQDÈIULFDGR6XOFRQVWUXLXXPUHVHUYDWyULRGHPDGHLUDHHP VHX LQWHULRU RXWUR UHVHUYDWyULR PHWiOLFR WDPEpP FREHUWR GH YLGUR &RP HVVH HTXLSDPHQWR +HUVFKHO FRQVHJXLX WHPSHUDWXUDV DFLPD GH ž) ž& H FR]LQKRX RYRVHFDUQH6HXILOKRFKHJRXDTXHLPDURGHGRQRHTXLSDPHQWR

(VVH H[SHULPHQWR LQWULJRX R DVWURItVLFR QRUWH DPHULFDQR 6DPXHO 3LHUSRQW /DQJOH\TXHMiHUDIDVFLQDGRSHORSRGHUVRODUGHVGHDLQIkQFLD(P/DQJOH\FULRX XP GLVSRVLWLYR FDSD] GH PHGLU RV HIHLWRV REVHUYDGRV SRU +HUVFKHO 2 GLVSRVLWLYR FRQVLVWLDGHXPUHVHUYDWyULRGHPDGHLUDWHUPLFDPHQWHLVRODGRHFRPXPDSODFDGHYLGUR WUDQVSDUHQWHHPVXDWDPSD1RLQWHULRUGHVVHUHVHUYDWyULRLQVWDORXVHRXWURGHVWDYH]GH FREUHWDPEpPFRPVXDWDPSDFREHUWDSRUSODFDGHYLGURWUDQVSDUHQWHHXPWHUP{PHWUR SDUDUHJLVWUDUDVYDULDo}HVGHWHPSHUDWXUD)LJXUD

/DQJOH\HQWmRVXELXR0RQWH:KLWQH\$PHGLGDTXHVXELDDWHPSHUDWXUDGR VRORHDUH[WHUQRGHFUHVFLDPFKHJDQGRDRSRQWRGHFRQJHODPHQWRGDiJXD1RHQWDQWR QRLQWHULRUGRGLVSRVLWLYRDWHPSHUDWXUDFKHJRXDRSRQWRGHHEXOLomRGDiJXD

)LJXUD'LVSRVLWLYRGH/DQJOH\

)RQWHFDQLYDQEORJVSRWFRPEUKRWER[KWPO

2V FROHWRUHV VRODUHV FRQFHQWUDGRUHV IRUDP DSUHVHQWDGRV SHOD SULPHLUD YH] QR

VmR PHQRV HILFLHQWHV TXH RV FRQFHQWUDGRUHV 'HVVH WUDEDOKR IRL HVFULWR XP OLYUR /$=12'8)),(H%(&.0$1

1ROLYURGH'XIILHH%HFNPDQIRUDPPRVWUDGRVDOJXQVWXERVFLOtQGULFRV DEVRUYHGRUHVHQRWDGDSRXFDSHUGDGDHILFLrQFLDSHODXWLOL]DomRGRYiFXRFRPRLVRODQWH WpUPLFR(VWmRSUHVHQWHVQRPHVPRWUDEDOKRRVFiOFXORVySWLFRVSDUDGLYHUVRVWLSRVGH FRQFHQWUDGRUHVFRPRSODQRVWXERVHYDFXDGRVSDUDEyOLFRVSDUDXWLOL]DomRHPIRUQRVH SDQHODVVRODUHV

3UHRFXSDomRGD218

$SUHRFXSDomRFRPRVHIHLWRVGDVPXGDQoDVFOLPiWLFDVOHYRXD218DFULDUR 3DLQHO,QWHUJRYHUQDPHQWDOGH0XGDQoDV&OLPiWLFDV,3&&FRPRDSRLRGR3URJUDPD GDV 1Do}HV 8QLGDV 81(3 H 2UJDQL]DomR 0HWHRUROyJLFD 0XQGLDO 200 ± SDUD EXVFDU H DYDOLDU DV SHVTXLVDV UHODFLRQDGDV j PXGDQoDV QR FOLPD 'HVGH D RUJDQL]DomR FRQFOXLX R SULPHLUR UHODWyULR TXH DERUGRX R IDWR GH TXH DV DWLYLGDGHV KXPDQDVHVWmRFRQWULEXLQGRSDUDRDTXHFLPHQWRJOREDODWUDYpVGDHPLVVmRGHJDVHVGH HIHLWRHVWXIDHVSHFLDOPHQWHRGLy[LGRGHFDUERQRTXHYHPGDTXHLPDGHFRPEXVWtYHLV IyVVHLV2XWURVUHODWyULRVVHJXLUDPRDQWHULRUHSURFXUDUDPWUDWDUDLQIOXrQFLDTXHDV PXGDQoDVQRFOLPDJOREDOWHULDVREUHQRVVDVYLGDV7DPEpPSURFXUDUDPDERUGDUWHPDV UHODFLRQDGRV D PDWUL]HV HQHUJpWLFDV DOWHUQDWLYDV DQDOLVDQGR DV SULQFLSDLV IRQWHV GH HQHUJLD VHXV FXVWRV EHQHItFLRV H SRVVtYHLV Do}HV TXH SHUPLWDP D VXD DSOLFDomR GH IRUPD FRPSHWLWLYD 1HVWH FDPSR D (QHUJLD 6RODU H VXDV YiULDV DSOLFDo}HV HVWmR LQFOXtGRV

4XDQWR j HQHUJLD VRODU VHX SULQFLSDO XVR p GH DTXHFLPHQWR GH iJXD SDUD XVR GRPpVWLFRDWUDYpVGHHTXLSDPHQWRVGHQRPLQDGRVFROHWRUHVVRODUHV7HPEDL[RLPSDFWR DPELHQWDOHPFRPSDUDomRDRVFRPEXVWtYHLVIyVVHLVHLQIOXHQFLDPDViUHDVHFRQ{PLFDV HVRFLDLVSRLVVHXXVRSHUPLWLULDXPDUHGXomRFRQVLGHUiYHOQRFRQVXPRGHHQHUJLDHP JUDQGH HVFDOD SRGHQGR UHGX]LU D FDUJD VREUH PDWUL]HV HQHUJpWLFDV FRQYHQFLRQDLV SHVTXLVDGDVSRU6,06(7$/

$QRLQWHUQDFLRQDOGDHQHUJLDVXVWHQWiYHO

2DQRGHIRLHOHLWRSHOD81(6&2FRPR$QR,QWHUQDFLRQDOGD(QHUJLD

6XVWHQWiYHO SDUD 7RGRV 81(6&2 H ',1,= $/9(6 YLVDQGR LPSXOVLRQDU H

WRGRVJHUDQGRGLVSRQLELOLGDGHHHILFLrQFLDHQHUJpWLFDVHPHWDVSDUDWRGRVRVSDtVHVGH XP GHVHQYROYLPHQWR VXVWHQWiYHO 1HVVD FRQYHQomR R VHFUHWiULR JHUDO GDV 1Do}HV 8QLGDVFULRXR*UXSR&RQVXOWLYRSDUD(QHUJLDH0XGDQoDV&OLPiWLFDVSDUDDFRQVHOKi ORVREUHDVGLPHQV}HVUHODFLRQDGDVFRPRWHPDHDLQWHJUDomRGDVHQHUJLDVUHQRYiYHLV DRFRWLGLDQRGHWRGRVRVSRYRV

$FRQIHUrQFLDLQWHUQDFLRDO5LRHODERURXXPDFDUWD*5832*7RQGH XPGHVHXVWySLFRVUHIHUHQWHD3URSRVWDVSDUDRV*RYHUQRVHPVHXLWHP³9´PHQFLRQD D FRQVWUXomR GH FLGDGHV VXVWHQWiYHLV LQFOXLQGR R XVR UDFLRQDO GD HQHUJLD FRQWURODGR SHORJRYHUQR

7XERVHYDFXDGRV

2V WXERV HYDFXDGRV VmR GLVSRVLWLYRV FRP GRLV WXERV FRQFrQWULFRV IHFKDGRV H VHODGRV HP XPD H[WUHPLGDGH 1D RXWUD H[WUHPLGDGH RV GRLV WXERV FRQFrQWULFRV WHP VXDVERUGDVVHODGDVFRPRSUySULRYLGURGHVXDFRQVWUXomRHRWXERLQWHUQRiDEHUWRSDUD TXHRIOXLGRSRVVDFLUFXODUOLYUHPHQWHHPVHXLQWHULRU(QWUHRWXERLQWHUQRHRH[WHUQRp SURGX]LGR YiFXR R TXDO p R UHVSRQViYDO SHOR ³HIHLWR VHUUD´ H LVRODPHQWR WpUPLFR GR VLVWHPD

'HVHQYROYLPHQWRGRVDTXHFHGRUHVVRODUHVSRUWXERVHYDFXDGRV

)LJXUD7XERHYDFXDGRFRPRGHVFULWRSRUGH6SH\HUHP

2 YiFXR SURSRUFLRQD XPD LVRODomR WpUPLFD GH ERD HILFLrQFLD XPD YH] TXH RV UDLRVVRODUHVLQFLGHQWHVDRSDVVDUHPSHORYLGURHQFRQWUDPXPDVXSHUItFLHWUDQVSDUHQWH 4XDQGR FKHJDP j VXSHUItFLH H[WHUQD GR WXER GH DoR XPD SDUWH p DEVRUYLGD SHOR PDWHULDOHQHJUHFLGRHWUDQVIHULGRDROtTXLGRLQWHUQRQDIRUPDGHFDORUVHQVtYHOHRXWUD SDUWH p UHIOHWLGD FRP FRPSULPHQWR GH RQGD GLIHUHQWH GR LQFLGHQWH $R FKHJDU j VXSHUItFLH LQWHUQD GR WXER GH YLGUR HVWH SDVVD D QmR VHU PDLV WUDQVSDUHQWH SDUD R FRPSULPHQWR GH RQGD UHIOHWLGR SHOD VXSHUItFLH HQHJUHFLGD VHQGR QRYDPHQWH UHIOHWLGR SDUDRWXERGHDoRHRSURFHVVRVHUHSHWHDWpDDEVRUomRWRWDOGDHQHUJLDVRODULQFLGHQWH

(P:LQVWRQH+LQWHUEHUJHUSURSXVHUDPXPFRQMXQWRVLPSOHVGHHVSHOKRV UHIOHWRUHV SURSRUFLRQDQGR D SURMHomR GRV UDLRV VRODUHV QD UHJLmR LQIHULRU GR WXER HYDFXDGR FKDPDGR GH UHIOHWRU GLIXVR )LJXUD 1R DQR VHJXLQWH 5DEO FRQVWUXLX XP VLVWHPDGHHVSHOKRVSDUDEyOLFRVTXHFRQFHQWUDYDPRVUDLRVVRODUHVQDVXSHUItFLHLQIHULRU GRWXERHYDFXDGRFKDPDGR&RQFHQWUDGRU3DUDEyOLFR&RPSRVWR&3&)LJXUD

)LJXUDD5HIOHWRU'LIXVRE5HIOHWRU3DUDEyOLFR&RQFHQWUDGRU&3& %8',+$5'-2

5(9,6­2%,%/,2*5È),&$

'HDFRUGRFRP6DWR6FDORQH3DGLOKDDXWLOL]DomRGHFROHWRUHVVRODUHV± VHMD SDUD DTXHFLPHQWR GH iJXD SURGXomR GH HQHUJLD HOpWULFD RX UHVIULDPHQWR H DTXHFLPHQWR GH DPELHQWHV ± DSUHVHQWD XPD IRUWH H[SDQVmR HP IXQomR GH YDULDGDV UD]}HV$VSULQFLSDLVVmRTXHDVIRQWHVGHHQHUJLDVUHQRYiYHLVSRVVXHPEDL[RLPSDFWR DPELHQWDO H D UHGXomR GH FXVWR TXH HVWHV VLVWHPDV YrP VRIUHQGR $ SHVTXLVD QHVWH FDPSR WHP DFRPSDQKDGR WDO H[SDQVmR H TXH R FROHWRU VRODU FRP WXERV HYDFXDGRV GHVWDFDVH FRPR XP LPSRUWDQWH IRFR GH HVWXGRV 3URMHWRV GHVWH WLSR FDUDFWHUL]DPVH SHORVHXSHFXOLDUSURFHVVRGHIDEULFDomRHDVXDUHGX]LGDSHUGDWpUPLFDSDUDRDPELHQWH DXPHQWDQGRDVXDHILFLrQFLD4XDQWRjDQiOLVHIOXLGRWpUPLFDGHVWHHTXLSDPHQWRGHYHP VHUFRQVLGHUDGRVRVFRQFHLWRVLQHUHQWHVDWRGRVRVFROHWRUHVFRPRRVPHFDQLVPRVGH UDGLDomRVRODUFRQYHFomRQDWXUDOFRQGXomRHRVSHUILVGHYHORFLGDGHVHWHPSHUDWXUDV DRORQJRGRVLVWHPD&RQWXGRDSHUGDSRUFRQYHFomRSDUDRPHLRQHVWHVHTXLSDPHQWRV pUHGX]LGDHPGHFRUUrQFLDGRYiFXRSUHVHQWHQRWXERDEVRUYHGRUHHPERUDHVWHWLSRGH DTXHFHGRUVHMDFDSD]GHRSHUDUSRUWHUPRVLImRDPLVWXUDGRVHVFRDPHQWRVDVFHQGHQWHH GHVFHQGHQWHQRLQWHULRUGRVWXERVSRGHSUHMXGLFDURGHVHPSHQKRGRFROHWRUVRODU&RP LVWRGLYHUVRVHVWXGRVIRUDPSXEOLFDGRVSDUDREWHUDUHSUHVHQWDomRGDHVWUDWLILFDomRGR IOXLGRQRLQWHULRUGRVWXERVHGRUHVHUYDWyULRGHDUPD]HQDPHQWRGHiJXDTXHQWHDVVLP FRPRSDUDDPRGHODJHPDQDOtWLFDGRSUREOHPDGHIOX[RGHFDORU

&DEDQLOODV (VWUDGD H $YLOD HP VXD LQYHVWLJDomR D UDGLDomR VRODU LQFLGHQWHVREUHFROHWRUWXEXODUDSUHVHQWDPDLRUGLILFXOGDGHQDVXDTXDQWLILFDomRTXHR FROHWRUVRODUGHSODFDSODQD'HYLGRjJHRPHWULDGRFLOLQGURDUDGLDomRVRODULQFLGHQWH WRUQDVH IXQomR GR kQJXOR GH LQFLGrQFLD H KRUD VRODU &RP EDVH HP UHVXOWDGRV H[SHULPHQWDLVFDUDFWHUtVWLFRVDGLVWULEXLomRGHUDGLDomRIRLREWLGDHDQDOLVDGDSRU6KDK H)XUERTXHHVWXGDUDPXPSURWyWLSRGHXPFROHWRUGHWXERHYDFXDGRLQVWDODGR QDYHUWLFDOSHUPLWLQGRDLQFLGrQFLDGHUDGLDomRVRODUHPWRGDVXSHUItFLHFLOtQGULFDGR WXER 2 VLVWHPD IRL EDVHDGR HP FLUFXODomR IRUoDGD QR LQWHULRU GR WXER H XP PRGHOR QXPpULFRIRLGHVHQYROYLGRSDUDVLPXODURGHVHPSHQKRGRVLVWHPDWpUPLFR

GXUDQWHRVWHVWHVH[SHULPHQWDLVHDSUHVHQWDUDPERDFRQFRUGkQFLDFRPRVUHVXOWDGRVGD VLPXODomRQXPpULFDWDPEpPGHVHQYROYLGDQHVWHHVWXGR

6KDKH)XUERHIHWXDUDPXPDDQDOLVHGDFDSWDomRGHUDGLDomRVRODUHP WRGDV DV GLUHo}HV SDUD XP SURWyWLSR GH FROHWRU FRP WXERV HYDFXDGRV LQVWDODGRV YHUWLFDOPHQWH (QVDLRV H[SHULPHQWDLV IRUDP UHDOL]DGRV HP GXDV ORFDOLGDGHV H YDORUHV yWLPRV GH GLVWkQFLDV HQWUH WXERV H kQJXOR GH D]LPXWH IRUDP REWLGRV SRU ILP GHVHQYROYHUDPXPPRGHORWHyULFRSDUDRFiOFXORGRGHVHPSHQKRGHVWHFROHWRU

6KDKH)XUERUHDOL]DUDPVLPXODo}HVQXPpULFDVHPFROHWRUHVFRPWXERV HYDFXDGRVVHQGRHVWHVGLVSRVWRVKRUL]RQWDOPHQWHHRFROHWRUVXMHLWRDXPIOX[RIRUoDGR GHiJXDHPVHXLQWHULRU2GHVHQYROYLPHQWRGRVHVFRDPHQWRVLQWHUQRVIRLLQYHVWLJDGR FRQVLGHUDQGRTXHRIOX[RLPSRVWRVREUHRVLVWHPDQmRDIHWDYDGLUHWDPHQWHRLQWHULRU GRV WXERV H D YDULDomR GH FRPSULPHQWR GH WXER H D YD]mR LPSRVWD QR VLVWHPD SRVVLELOLWDUDP XPD DQiOLVH TXDQWR DR HIHLWR GHVWHV SDUkPHWURV VREUH D HILFLrQFLD GR FROHWRU

$SDUWLUGHGDGRVFRQVWUXWLYRVHUHIHUHQWHV DSDUkPHWURVGHLQIOXrQFLDVREUHD WUDQVIHUrQFLDGHFDORUQHVWHVVLVWHPDVGHFDSWDomRFRPLVRODPHQWRDYiFXR(O1DVKDU DYDOLDRHIHLWRGRGHSyVLWRGHSRHLUDVREUHDHILFLrQFLDGHWXERVHYDFXDGRVSDUD LVWR IRL UHDOL]DGR XP PRGHOR PDWHPiWLFR SDUD VLPXODU R DF~PXOR GH SRHLUD VREUH R VLVWHPD

2HIHLWRGRJUDXGHYiFXRQRGHVHPSHQKRGHXPVLVWHPDGHWXERGHYiFXRVHP YLGURIRLHVWXGDGRSRU<DQ*DRHWDOXPPRGHORDQDOtWLFRSHUPLWLXXPPHOKRU HQWHQGLPHQWRGRSURFHVVR$DQiOLVHGRFROHWRUVRODUGHWXERVHYDFXDGRVFRPDEHUWXUD ~QLFDHPRQWDGRVVREUH XPVLVWHPDUHIOH[LYRSRVVLELOLWRXDFRQFHQWUDomRGDUDGLDomR GLIXVDVREUHRFROHWRU

8P HVWXGR IRL GHVHQYROYLGR SRU %XGLKDUGMR H 0RUULVRQ SRU PHLR GH PRGHORQXPpULFRHDSDUDWRH[SHULPHQWDOVHQGRWDPEpPHVWXGDGRRHIHLWRGDYDULDomR GDGLVWULEXLomRGRIOX[RGHFDORUDRORQJRGDFLUFXQIHUrQFLDGRWXERVREUHRHVFRDPHQWR LQWHUQR

$WUDYpV GH XP PRGHOR PDWHPiWLFR GHVHQYROYLGR SRU /L H :DQJ IRL DYDOLDGR D WUDQVIHUrQFLD GH FDORU SUHVHQWH HP XP FROHWRU GH WXERV HYDFXDGRV FRP FLUFXODomRIRUoDGDFRQVLGHUDQGRTXHRIOX[RGHiJXDSHORFDEHoRWHGHFLUFXODomRQmR LQWHUIHUH QD FRQYHFomR QDWXUDO TXH VH GHVHQYROYH GHQWUR GRV WXERV 2 PRGHOR IRL YDOLGDGR SHUDQWH PHWRGRORJLD H[SHULPHQWDO 2XWUDV DSOLFDo}HV SDUD WXERV HYDFXDGRV WDPEpPIRUDPHVWXGDGDVRQGHDQDOLVDUDPRSURFHVVRGHWUDQVIHUrQFLDGHFDORUHPXP VLVWHPD GH UHIULJHUDomR SRU DGVRUomR GRWDGR GH WXERV HYDFXDGRV H YHULILFDUDP PRGLILFDo}HVTXHJDUDQWLVVHPYLDELOLGDGHHFRQ{PLFDDRSURFHVVR

(VWXGRV FRPSDUDWLYRV HQWUH VLVWHPDV GH FROHWRUHV VRODUHV WDPEpP IRUDP UHDOL]DGRVDWUDYpVGHPRGHODJHPQXPpULFDHDERUGDJHPSUiWLFD

(PRVSHVTXLVDGRUHV/LDQJHWDOLQVHULUDPXPWXERGHFREUHHP IRUPD GH ³8´ FRP XPD DOHWD GR PHVPR PDWHULDO TXH FXUFXQGD R LQWHULRU GH XP FRQFHQWUDGRUVRODUSRUWXERHYDFXDGRFRPHUFLDO3RUHVWHWXERPHWiOLFRIRLFULDGDXPD FLUFXODomRGHiJXD$RSDVVDUSHORWXERHP³8´DiJXDUHFHEHRFDORUSURYHQLHQWHGD LQFLGrQFLD VRODU QD iUHD H[WHUQD GR WXER HYDFXDGR H R WUDQVIHUH SDUD R OtTXLGR QR LQWHULRUGRWXERGHFREUH)LJXUD(QWUHRWXERGHYLGURH[WHUQRHRWXERLQWHUQRKi YiFXR 1D UHJLmR LQWHUQD GR WXER RQGH D WXEXODomR HP ³8´ HVWi LQVWDODGD Ki XPD FLUFXODomR GH DU TXH UHFHEH R FDORU GD VXSHUItFLH DEVRUYHGRUD GH YLGUR ³$EVRUEHU

WXEH´HRWUDQVIHUHSDUDDDOHWDGHFREUH$RVDLUSHODRXWUDH[WUHPLGDGHGRWXERGH

)LJXUD7XERHP³8´FRPDOHWDGHFREUHLQVWDODGRQRLQWHULRUGRWXERHYDFXDGRFRPRGHVFULWR SRU/,$1*(7$/

(VWXGRVIRUDPUHDOL]DGRVQD&RUHDFRPGLYHUVRVWLSRVGHLQVWDODo}HVGHWXERV XWLOL]DQGR DU FRPR IOXLGR GH WUDEDOKR 8PD GHVVDV LQVWDODo}HV IRL D LQVHUVmR GH XP ~QLFRWXERFHQWUDO)LJXUDSHORTXDORDUpERPEHDGRSDUDRIXQGRGRWXERHYDFXDGR .LPH6HR3DUDVLPXODUDOX]VRODUIRUDPLQVWDODGDVOkPSDGDVKDOyJHQDVGH : FDGD XPD JHUDQGR XP DXPHQWR GH WHPSHUDWXUD GH ƒ& UHVXOWDQGR HP XPD HILFLrQFLDGHFRPXPkQJXORGHLQFLGrQFLDGHƒ)LJXUD

)LJXUD,QVWDODomRGH7XER&HQWUDOWDOFRPRGHVFULWRSRU.,0H6(2

)LJXUD(TXLSDPHQWRGHPHGLomRXWLOL]DQGROkPSDGDV+DOyJHQDV.,0H6(2

(P <DQJ H :DQJ UHDOL]DUDP XPD DQiOLVH H[SHULPHQWDO GR GHVHPSHQKRGHFROHWRUHVVRODUHVDWUDYpVGDLQVHUVmRGHDOHWDVVLPSOHV1HVVHWUDEDOKR IRUDPUHDOL]DGDVPHGLGDVGHWHPSHUDWXUDGRDUDPELHQWHHQDVHomRLQWHUQDGRFROHWRU VRODUSODQRDOHWDGRDWLQJLQGRXPDXPHQWRGHQDHILFLrQFLDWpUPLFD

(P XP VLVWHPD GH DTXHFLPHQWR GH iJXD GRPpVWLFR WLSR WXER GH FDORU +HDW 3LSH IRL HVWXGDGR SRU 0DWKLRXODNLV H %HOHVVLRWLV TXH FRQVLVWLD GH XP FROHWRUGHSODFDSODQDFRPXPWDQTXHGHDUPD]HQDPHQWR$WUDQVIHUrQFLDGHFDORUSDUD RWDQTXHpIHLWDSHORSURFHVVRGHHEXOLomRQRHYDSRUDGRU(VWHHYDSRUDGRUpFRQVWLWXtGR SRUWXERVGHXPFROHWRUFRPXPFRPDOHWDVVROGDGDVDRFRQMXQWRFRQIRUPH)LJXUD

)RUDPPHGLGDVDVWHPSHUDWXUDVWDQWRQRHYDSRUDGRUTXDQGRQDHQWUDGDGHiJXD IULDHVDtGDGHiJXDTXHQWHXWLOL]DQGRWHUPRSDUHV2VLVWHPDDWLQJLXXPDHILFLrQFLDGH

$WUDYpV GH XP HVWXGR VREUH D VXSHUItFLH DEVRUYHGRUD LQWHUQD GRV FROHWRUHV VRODUHVFRPWXERVHYDFXDGRV7KHXQLVVHQH%HFNPDQDQDOLVDUDPDPHOKRUiUHD GHDEVRUomRWpUPLFDLQWHUQDHDFDSDFLGDGHGRYLGURHPIRUQHFHUXPIRFRjVXSHUItFLH DEVRUYHGRUD 1HVVD DQiOLVH IRUDP HVWXGDGRV GRLV WLSRV GH VXSHUItFLHV SODFD SODQD H FLOtQGULFD)LJXUD2VUHVXOWDGRVGHVVHH[SHULPHQWRIRUDPREWLGRVFRPXPkQJXORGH LQFLGrQFLDGHƒHD]LPXWKGHƒSDUDDGLUHomRHILFD]GRIHL[HGHUDGLDomRGLIXVD

)LJXUD7LSRVGHVXSHUItFLHVDEVRUYHGRUDVGH7+(81,66(1H%(&.0$1

3DUD PHOKRU DSURYHLWDU D UDGLDomR VRODU LQFLGHQWH QRV FROHWRUHV VRODUHV .DORJLURX DVVLP FRPR 'XIILH H %HFNPDQ SURSXVHUDP HP VHXV OLYURV YiULRV HVWXGRV GH LQFOLQDomR SDUD RV FROHWRUHV VRODUHV 1HVVHV WUDEDOKRV IRUDP HVWXGDGDVDVHILFLrQFLDVGHYiULRVFROHWRUHVVRODUHVHRVSURFHGLPHQWRVGHFiOFXORVSDUD DPHOKRULQFOLQDomRVRODU

&RPR PpWRGR GH H[WUDomR GH FDORU %XGLKDUGMR FRQVLGHURX YiULDV SRVVLELOLGDGHV TXH QRUPDOPHQWH SDUD D UHODomR FRPSULPHQWRGLkPHWUR GR WXER p GD RUGHPGH(VVHVPpWRGRVVmR

x 7XERGHDTXHFLPHQWRTXHFRQVLVWHGHXPPHWDODEVRUYHGRUPRQWDGR HPXPVLPSOHVVLVWHPDGHWXERVHYDFXDGRV

x )OX[RDWUDYpVGRDEVRUYHGRURQGHXP~QLFRWXERFHQWUDOpPRQWDGRQR WXER HYDFXDGR SRU PHLR GH XP VHOR QR YLGUR 2 WXER FHQWUDO p UHVSRQViYHOSRUHQYLDURFDORUUHPRYLGRSDUDDEDVHGRWXERDEVRUYHGRU

x 7RGRVRV7XERVGH9LGUR+iXPWXERHYDFXDGRFRPDVXSHUItFLHGH DEVRUomR VRODU YROWDGD SDUD GHQWUR &ROHWRU GH $UPD]HQDPHQWR ,QWHJUDGR7XERVHYDFXDGRVFRPGLkPHWURVXSHULRUDPP

2%-(7,926

'R H[SRVWR R REMHWLYR SULQFLSDO GHVWH WUDEDOKR p R HVWXGR H[SHULPHQWDO GH XP FROHWRU VRODU GH WXERV GH YLGUR FRQFrQWULFRV HYDFXDGR H PRGLILFDGR DYDOLDQGRVH D TXDQWLGDGHGHFDORUDEVRUYLGRHDHILFLrQFLDGRVLVWHPDHPIXQomRGDGLVWULEXLomRGR IOX[RGHFDORUHLQWHQVLGDGHGHUDGLDomRVRODUQRVGLIHUHQWHVKRUiULRVGRGLD2YROXPH HQWUHDVXSHUItFLHLQWHUQDGRWXERGHYLGURH[WHUQRHDVXSHUItFLHH[WHUQDGRWXERYLGUR LQWHUQRpHYDFXDGR)LJXUD

)LJXUD 7XERHYDFXDGRHPFRUWH

)LJXUD6LVWHPDPRGLILFDGRHPFRUWH

%DVHDQGRVH QDV FDUDFWHUtVWLFDV GH RSHUDomR H HP SDUkPHWURV GH GHVHPSHQKR GRV FROHWRUHV GH WXERV HYDFXDGRV FRQYHQFLRQDLV HVWH WUDEDOKR SURS}H XP HVWXGR H[SHULPHQWDO GH DTXHFLPHQWR GH iJXD XWLOL]DQGR VLVWHPD GH FDSWDomR VRODU SRU WXERV HYDFXDGRVPRGLILFDGRHFRPSDUDGRVDRVLVWHPDFRQYHQFLRQDO

1RFDVRSURSRVWRQHVVHHVWXGRGRWXERHYDFXDGRPRGLILFDGRWHPVHDVHSDUDomR WpUPLFDGDiJXDGHYLGRjGLIHUHQoDGHGHQVLGDGHQRLQWHULRUGRWXERHPWUrVUHJL}HV XPD GH PHQRU WHPSHUDWXUD QR IXQGR XPD GH PDLRU WHPSHUDWXUD QR WRSR H XPD LQWHUPHGLiULDHQWUHDVGXDVSULPHLUDV3DUDRVLVWHPDFRQYHQFLRQDOWDQWRSHOD3ULPHLUD FRPRSHOD6HJXQGD/HLGD7HUPRGLQkPLFDWHPVHDPHVPDHILFLrQFLDRXVHMDVHPD IRUPDomR GH HVWUDWLILFDomR WpUPLFD 1R VLVWHPD PRGLILFDGR GHYLGR j IRUPDomR GD HVWUDWLILFDomRWpUPLFDD HILFLrQFLDWpUPLFDSHOD6HJXQGD /HL pPDLRUTXHDHILFLrQFLD SHOD 3ULPHLUD /HL Mi TXH D WHPSHUDWXUD GH VDtGD GD iJXD DTXHFLGD QR VLVWHPD PRGLILFDGRpPDLRUTXHQRVLVWHPDFRQYHQFLRQDO$VVLPFRQFOXLVHTXHDHILFLrQFLDGR VLVWHPD PRGLILFDGR p PDLRU TXH R VLVWHPD FRQYHQFLRQDO SHOD 6HJXQGD /HL GD 7HUPRGLQkPLFD

VLPXODomRQXPpULFDDYDOLDQGRRFRPSRUWDPHQWRGRIOXLGRQRLQWHULRUGHVWHFROHWRUVRODU HSRVVtYHLVPHOKRULDVDVHUHPDSOLFDGDVQRPRGHOR

2 GHVHPSHQKR GR VLVWHPD SURSRVWR VHUi REWLGR D SDUWLU GRV GDGRV H[SHULPHQWDLV UHDOL]DGRVDRDUOLYUHFRPLQFLGrQFLDVRODU

1HVWH HVWXGR GHYLGR D PRGLILFDomR GR VLVWHPD RX VHMD LQVWDODomR GR WXER SDUD LQMHomR GH iJXD IULD QR IXQGR GR WXER LQWHUQR GH YLGUR REWHYHVH PHOKRULD GD HVWUDWLILFDomRWpUPLFDGROtTXLGRVHSDUDomRWpUPLFDHQWUHRVOtTXLGRVTXHQWHHIULRHP HVFRDPHQWR EXVFDVH PDLRU GHVHPSHQKR WpUPLFR GR FROHWRU PRGLILFDGR TXDQGR FRPSDUDGRDRPRGHORGHFROHWRUFRQYHQFLRQDO

0$7(5,$,6(0e72'26

2 VLVWHPD GH FROHWRU 6RODU PRGLILFDGR FRQVLVWH GH XP WXER GH DoR H GH PDWHULDO LVRODGR &39& IL[DGR FRQFHQWULFDPHQWH DR WXER LQWHUQR GH YLGUR 2 REMHWLYR GHVVD PRGLILFDomR p LQMHWDU iJXD IULD QR IXQGR GR WXER QD VHomR QmR HYDFXDGD HYLWDQGR DVVLPRFRQWDWRGLUHWRHQWUHRVHVFRDPHQWRVHPFRQWUDFRUUHQWHVGHiJXDTXHQWHTXHVDL GR VLVWHPD H IULD TXH HQWUD $ VHSDUDomR ItVLFD GDV FRUUHQWHV GH iJXD D GLIHUHQWHV WHPSHUDWXUDVPHOKRUDDHVWUDWLILFDomRWpUPLFDHSRGHDXPHQWDUDHILFLrQFLDGRUHIHULGR VLVWHPDTXDQGRFRPSDUDGRDRVLVWHPDFRQYHQFLRQDO

2 7XER HYDFXDGR IRL FRQHFWDGR D XP WDQTXH LQWHUPHGLiULR VHP D ILQDOLGDGH GH DUPD]HQDPHQWRPDVVRPHQWHGHXPUHVHUYDWyULRGHSDVVDJHPHQWUHRWXERHYDFXDGRH RWDQTXHGHDUPD]HQDPHQWRGHiJXDTXHQWH1HVVHHVWXGRRYROXPHGHiJXDTXHQWHQR WDQTXH GH DUPD]HQDPHQWR QmR IRL DQDOLVDGR H DVVLP D iJXD DTXHFLGD QR VLVWHPD IRL GHVFDUWDGDXPDYH]TXHIRLPHGLGDDYD]mRPiVVLFDGDiJXDDTXHFLGDHPIXQomRGR WHPSR2VLVWHPDpHVTXHPDWL]DGRQD)LJXUD

)LJXUD(VTXHPDGRPRGHORPRGLILFDGRGHFROHWRUVRODUHYDFXDGR

ƒ

7XER (YDFXDGR

7XER,QWHUQR

6DtGDGH ÈJXD4XHQWH

(QWUDGDGH ÈJXD)ULD &RQHFWRU

$VFDUDFWHUtVWLFDVJHRPpWULFDVGRVWXERVHVWmRLQGLFDGDVQD7DEHOD

7DEHOD&DUDFWHUtVWLFDVJHRPpWULFDV 7XERGH9LGUR(YDFXDGR

'LkPHWUR([WHUQR PP 'LkPHWUR,QWHUQR PP &RPSULPHQWR PP

&RQHFWRUGH3DVVDJHP

'LPHQV}HV [[PP

7XERGH$oRH&39&

'LkPHWUR([WHUQR PP &RPSULPHQWR PP

(TXLSDPHQWRVXWLOL]DGRV

3DUDPHGLGDGDSRWrQFLDVRODULQFLGHQWHIRLXWLOL]DGRXPVRODUtPHWURGDPDUFD 7(60RGHORFRPUHVROXomRGH:P_{HGHLQWHQVLGDGHPi[LPDGH}

:P_{FRQIRUPH)RWRTXHPHGHDUDGLDomRGLUHWD}

)RWR6RODUtPHWUR

)RWR$QHP{PHWUR

2 FRQWUROH GD YD]mR YROXPpWULFD GD iJXD IRL IHLWR DWUDYpV GH XP %HFNHU JUDGXDGR HP PLOLOLWURV PO H R WHPSR GH HVFRDPHQWR PHGLGR DWUDYpV GH XP FURQ{PHWUR8PDYiOYXODGHJiVIRLXWLOL]DGDSDUDYDULDomRHFRQWUROHGDYD]mR

)RWR%DODQoDGHSUHFLVmRPDUFD2+$86

$V WHPSHUDWXUDV IRUDP PHGLGDV XWLOL]DQGR WHUPRSDUHV GR WLSR ³7´ &REUH &RQVWDQWDQ [ $:* FRP LVRODPHQWR GH 39& FDOLEUDGRV GH DFRUGR FRP DV QRUPDV LQWHUQDFLRQDLV GH PHGLGD H FDOLEUDomR 2V WHUPRSDUHV IRUDP FRQHFWDGRV D XPD SRQWH HOHWU{QLFD GD 1DWLRQDO ,QVWUXPHQWV 1,'$&Š _{PRGHOR 1, GH}

FDQDLV SDUD HQWUDGDV GH WHUPRSDUHV H R UHJLVWUR GRV GDGRV GH WHPSHUDWXUD SHOR VRIWZDUH6LJQ([SUHVVŠ

$SDUWLUGDVPHGLGDVGHWHPSHUDWXUDVFDSWDGDVXPJUiILFRIRLJHUDGRPRVWUDQGR RFRPSRUWDPHQWRGDVWHPSHUDWXUDVGXUDQWHWRGRRH[SHULPHQWR

)RWR5HVHUYDWyULRGHiJXDIULDSDUDPDQXWHQomRGDSUHVVmRFRQVWDQWH

$)RWRPRVWUD DLPDJHPWpUPLFDGR UHVHUYDWyULRGHQtYHOFRQVWDQWHFRPDV WHPSHUDWXUDVGDVXSHUItFLHGDFDL[DHGDWXEXODomRGHVDtGD(VWDLPDJHPIRLIHLWDjV KQRGLDFRPRDX[tOLRGHXPDFkPHUDWpUPLFDGDPDUFD)OXNHPRGHOR 7L Q~PHUR GH VpULH 7L OHQWH GH PP IDL[D GH FDOLEUDomR ƒ& D ƒ&FRQIRUPH)RWR

DE

)RWRD,PDJHPWpUPLFDGRUHVHUYDWyULRGiJXDE,PDJHPYLVtYHOJHUDGDSHODFkPHUDWpUPLFD

5HVHUYDWyULR GHDOLPHQWDomR

GHiJXDIULD

9iOYXODGH VDtGDGHiJXD

IULD±3DUD HQWUDGDQR WXERFHQWUDO

)RWR&kPHUD7pUPLFD)OXNH7L

$VWHPSHUDWXUDVIRUDPPHGLGDVQRVVHJXLQWHVSRQWRV

3RQWR6DtGDGHiJXDIULDQRIXQGRGRWXERHYDFXDGRSHORWXERLQVHULGRQR VLVWHPD

3RQWR6DtGDGHiJXDTXHQWH 3RQWR(QWUDGDGHiJXDIULD

3RQWR 6XSHUItFLH H[WHUQD GR WXER GH YLGUR HYDFXDGR HP FRQWDWR FRP R DU DWPRVIpULFR

3RQWR$UDPELHQWH

)LJXUD3RQWRVGHPHGLo}HVGDVWHPSHUDWXUDV

)LJXUD'HWDOKHVGRVSRQWRVGHPHGLo}HVH

,QVWDODomR

2WXERHYDFXDGRpIL[DGRQDFRQH[mRGHSDVVDJHPVHQGRVXDVGLPHQV}HV YLVXDOL]DGDVQD)LJXUDH)LJXUD(VVHFRQHFWRUIRLLVRODGRWHUPLFDPHQWH FRPPDQWDWpUPLFDHSDSHODOXPtQLRHYLWDQGRDVVLPDLQFLGrQFLDGHUDGLDomRR TXHSRGHULDSUHMXGLFDURVUHVXOWDGRVGRH[SHULPHQWR)RWR

±(QWUDGDGHÈJXD)ULD

±)XQGRGR7XER ±6XSHUItFLH([WHUQDGR7XERGH9LGUR ±$U$PELHQWH

±6DtGDGHÈJXD4XHQWH

±)XQGRGR7XER

)L

)LJXUD&RQHFWRUGHSDVVDJHP

LJXUD&RQHFWRUGHSDVVDJHPHPFRUWH

)RWR,VRODPHQWRWpUPLFRGRFRQHFWRUGHSDVVDJHPGHiJXD

$YiOYXODGHFRQWUROHGHIOX[RGHHQWUDGDGHiJXDIULDIRLLQVWDODGDQR WXERGHHQWUDGDTXHHVWiIL[DGDjFDL[DGHSDVVDJHPFRQIRUPH)LJXUD(VVH WXERpLQVWDODGRSRUWRGDDiUHDLQWHUQDGRWXERHYDFXDGRHILFDHPFRQWDWRFRP DiJXDTXHpDTXHFLGDSHODUDGLDomRVRODUHPFRQWUDFRUUHQWHHLQMHWDDiJXD IULDQRIXQGRGRWXERHYDFXDGR)LJXUD

)LJXUD,QVWDODomRGDYiOYXODGHHQWUDGDGHiJXDIULD

3RQWR(QWUDGDGHiJXD

)LJXUD7XERLQVHULGRDWpRIXQGRGRWXERHYDFXDGR

$ )RWR PRVWUD R WXER HYDFXDGR IL[DGR DR FRQHFWRU GH SDVVDJHP H WDPEpP LOXVWUDDHQWUDGDGHiJXDIULDQRWXERFHQWUDOSURYHQLHQWHGRUHVHUYDWyULRG¶iJXD

)RWR,QVWDODomRGRWXERHYDFXDGRHFRQHFWRUGHSDVVDJHP

2 UHVHUYDWyULR GH iJXD IRL LQVWDODGR D P DFLPD GD HQWUDGD GH iJXD IULD PDQWHQGRVHDVVLPDSUHVVmRFRQVWDQWHFRQIRUPH)LJXUD

7XERLQWHUQRLQVHULGRDWp RIXQGRGRWXER HYDFXDGRRQGHp LQMHWDGDiJXDIULD

ƒ

7XER(YDFXDGR

)LJXUD9LVWDJHUDOGRVLVWHPDFRPSOHWR

0pWRGRGHPHGLomRGDUDGLDomRVRODULQFLGHQWHQRWXERHYDFXDGR

)RWR/RFDOL]DomRJHRJUiILFDGRORFDOGRVHQVDLRVƒ6Hƒ:

2IOX[RGHFDORUGHYLGRjUDGLDomRVRODULQFLGHQWHQDVXSHUItFLHGRWXER HYDFXDGRIRLPHGLGRDWUDYpVGRVRODUtPHWURFRQVLGHUDQGRDVFDUDFWHUtVWLFDV JHRPpWULFDVGRFLOLQGURGRWXERHYDFXDGRTXHIRLGLYLGLGRHPTXDWURiUHDV GH DEVRUomR 1HVWH FDVR TXDWUR UHJL}HV GXDV ODWHUDLV D VXSHULRU H D LQIHULRU GD VHomR GR WXER HVWmR UHSUHVHQWDGDV QD )LJXUD IRUDP HVWDEHOHFLGDVSDUDREWHUDGLVWULEXLomRGHUDGLDomRLQFLGHQWHGXUDQWHRGLD VRODU$MXVWLILFDWLYDSDUDDXWLOL]DomRGRFiOFXORGDiUHDSDUDDVUHJL}HVp TXHHVVHSURFHGLPHQWRpQHFHVViULRSDUDDVLPXODomRQRVRIWZDUH&)'

)LJXUD3RVLomRGRVSRQWRVGHPHGLo}HVQDVXSHUItFLHGRWXERHYDFXDGR

$VVHo}HVHVmRDVSRVLo}HVGHRQGHIRUDPFROKLGDVDVPHGLo}HVGD UDGLDomRVRODUHRVFiOFXORVIRUDPUHDOL]DGRVOHYDQGRVHHPFRQVLGHUDomRDViUHDV SODQLILFDGDVGHVVDVVHo}HV

2SHUtPHWURGRWXERHYDFXDGRIRLGLYLGLGRHPTXDWURSDUWHVLJXDLVIRUPDQGRXP kQJXOR GH ž HQWUH FDGD GLDJRQDO FRQIRUPH )LJXUD (VWH kQJXOR GH ž IRL GLYLGLGRHPGRLVkQJXORGHž)LJXUD

)RLQHFHVViULRHIHWXDUDSODQLILFDomRGHFDGDiUHDGHDEVRUomRLPDJLQiULDSDUD TXHRVFiOFXORVSXGHVVHPVHUUHDOL]DGRV2SURFHVVRpPRVWUDGRQD)LJXUD

8P VHJPHQWR GH UHWD KRUL]RQWDO IRL WUDoDGR OLJDQGR DV H[WUHPLGDGHV GR VHJPHQWRGHDUFRHTXHIRUPDXPkQJXORGHžFRPDUHWDYHUWLFDODTXDOGLYLGHR kQJXORWRWDOGRDUFRGHžHPGRLVkQJXORVGHžFRQIRUPH)LJXUD2UHIHULGR VHJPHQWRGHUHWDKRUL]RQWDOIRLGLYLGLGRHPGRLVVHJPHQWRVGHFRPSULPHQWR³E´2 FDOFXOR GH ³E´ IRL IHLWR DWUDYpV GR VHQR GR kQJXOR GH ž H D SURMHomR TXH p D GLVWkQFLDGDFXUYDWXUDSURMHWDGDHPE

$ iUHD p REWLGD PXOWLSOLFDQGRVH R ODGR GR TXDGUDGR GR SDUDOHOHStSHGR SHOR FRPSULPHQWRGRWXERHYDFXDGR

)LJXUD/DGRGRTXDGUDGRGRSDUDOHOHStSHGRESDUDFDGDUHJLmRGRWXERFLUFXODULQWHUQR

'DUHODomRWULJRQRPpWULFDSDUDU PWHPVH P U

E

(VVHYDORUUHVXOWDQDViUHDV

$ $ $ $ $ P[P P

2 IOX[R GH FDORU VRODU LQFLGHQWH 4x_L p REWLGR PXOWLSOLFDQGRVH R UHIHULGR IOX[RGHFDORUPHGLGRHPFDGDUHJLmRGRWXERSRUVXDiUHDSURMHWDGD)LJXUD (VVHIOX[RpPHGLGRFRPRDX[tOLRGHVRODUtPHWUR)RWR

$WUDYpV GD HTXDomR IRL FDOFXODGR R IOX[R GH FDORU DEVRUYLGR SHOD iJXD 4x_DHDHILFLrQFLDWpUPLFDpFDOFXODGDSHODHTXDomR

FS

7

7

P

4D

x x

4L

4D

K

2IOX[RGHFDORUVRODULQFLGHQWHQRWXERpGHILQLGRSRU x

4LHIRLPHGLGRSRU

VRODUtPHWUR4xDpRIOX[RGHFDORUDEVRUYLGRSHODiJXDPx pRIOX[RPiVVLFR GDiJXDDTXHFLGDTXHIRLPHGLGRFRPRDX[tOLRGDEDODQoDGHSUHFLVmR2+$86 HR%HFNHUDFDGDLQWHUYDORGHPLQXWRVGHHQVDLRFSpRFDORUHVSHFtILFRGD iJXDDSUHVVmRFRQVWDQWH7TPHGLGDDWUDYpVGRWHUPRSDUpDWHPSHUDWXUDGH iJXDDTXHFLGDH7IPHGLGDDWUDYpVGRWHUPRSDUpDWHPSHUDWXUDGHiJXDIULD PHGLGRV FRP R DX[tOLR GRV WHUPRSDUHV 2 FDORU HVSHFtILFR IRL REWLGR FRQVLGHUDQGRDWHPSHUDWXUDPpGLDHQWUHDiJXDIULDHDTXHFLGD

W

P

P

&RP R YDORU GD PDVVD FDOFXODGD DWUDYpV GD (TXDomR p SRVVtYHO GHWHUPLQDURYROXPHGHiJXDFDSWDGRDWUDYpVGD(TXDomR

U

P

9

([HPSORGHFiOFXOR

$7DEHODpXWLOL]DGDSDUDRH[HPSORGHFiOFXORDVHJXLU

7DEHOD'DGRVFROHWDGRVQRGLD

+RUi ULR

9D]mR0iVVLFD _9ROXPpWULFD9D]mR 9HORFLGDGHGR_$U([WHUQR 5DGLDomR>:P_@

>JPLQ@ >NJV@ >POPLQ@ >PV@

8WLOL]DQGRFRPRH[HPSORRKRUiULRGDVKHiUHDP

WHPVHSDUD

FSiJXD .-NJ. x

P _NJV

7I ƒ&

7T ƒ&

o

x x

FS

7

7

P

4D

3DUDRFiOFXORGDSRWrQFLDWRWDOLQFLGHQWHVREUHRWXERXWLOL]DQGRVHDV UHIHULGDViUHDVVXSHUILFLDLVD[LDLVGRTXDGUDGRLQVFULWRQRSDUDOHOHStSHGRRX VHMD

x 3RWrQFLDVRODULQFLGHQWHQDiUHD [ :

x 3RWrQFLDVRODULQFLGHQWHQDiUHD [ :

x 3RWrQFLDVRODULQFLGHQWHQDiUHD [ :

x 3RWrQFLDVRODULQFLGHQWHQDiUHD [ : WHPVHTXH

:

x L

4

$VVLPDHILFLrQFLDGRVLVWHPDXWLOL]DQGRVHD(TXDomRUHVXOWD

o

x x

4L 4D

K

$35(6(17$d­2'(5(68/7$'26

*UiILFRGHVLQDOGHVDtGDGDVWHPSHUDWXUDV6LJQ([SUHVVŠ

2 VLVWHPD GH UHJLVWUR GH GDGRV UHIHUHQWH jV WHPSHUDWXUDV SURGX] XP UHVXOWDGRFRQIRUPHR*UiILFR3DUDXPDDQiOLVHPDLVHILFLHQWHHVWHJUiILFR IRLVHSDUDGRHPJUiILFRVFRPPHQRVLQIRUPDo}HV

7DPEpPIRLDSOLFDGRXPILOWURQR*UiILFRHOLPLQDQGRRVSLFRVHYDOHV JHUDGRVSHODVYDULDo}HVGDVWHPSHUDWXUDV(VVDVYDULDo}HVVmRFDSWXUDGDVSHORV WHUPRSDUHVGHFRUUHQWHVGHVXDJUDQGHVHQVLELOLGDGH

*UiILFR6LQDLVGHVDtGDVGRVSHUILVGHWHPSHUDWXUDVHPIXQomRGRWHPSR

8PILOWURSROLQRPLDOGHJUDXIRLDSOLFDGRDFDGDFXUYDGR*UiILFR JHUDQGRR*UiILFR3DUDDSOLFDomRGHVVHILOWURIRLXWLOL]DGRRSDFRWH([FHO

7HP

SHUDWX

UD

>ƒ

&@

+RUiULRGH([SHULPHQWR

7HUPRSDU )XQGR

7HUPRSDU ÈJXD4XHQWH

7HUPRSDU ÈJXD)ULD

*UiILFR3HUILVGHWHPSHUDWXUDVHPIXQomRGRWHPSRDSyVDSOLFDomRGHXPILOWURSROLQRPLDOVREUH RVGDGRVGRJUiILFR

*UiILFRGHWHPSHUDWXUDGHiJXDTXHQWHHiJXDIULD

2*UiILFRH[LEHDVYDULDo}HVGHWHPSHUDWXUDVHQWUHDiJXDIULDHiJXD TXHQWH HP IXQomR GR WHPSR 1RWDVH TXH QR LQtFLR GR H[SHULPHQWR DV WHPSHUDWXUDV VmR LJXDLV RX VHMD D iJXD DLQGD QmR VRIUHX DXPHQWR GH WHPSHUDWXUDGHFRUUHQWHGDUDGLDomRVRODULQFLGHQWHQRWXER

2DXPHQWRGHWHPSHUDWXUDpSHTXHQRDWpDVKSRLVDLQWHQVLGDGH VRODUDLQGDQmRpVXILFLHQWHSDUDJHUDUXPYROXPHPDLRUGHiJXDTXHQWH$SDUWLU GDVKDWHPSHUDWXUDGDiJXDTXHQWHDXPHQWDFRQVLGHUDYHOPHQWHFKHJDQGR DRPi[LPRGHƒ&jVKRQGHVHHVWDELOL]DDWpjVK$SDUWLUGHVWH KRUiULRLQLFLDVHXPGHFUpVFLPRQDWHPSHUDWXUDWDQWRGHiJXDTXHQWHTXDQWRGH iJXDIULDSRLVDLQWHQVLGDGHVRODUGLPLQXLGHFRUUHQWHGRHQFDPLQKDPHQWRSDUDR ILQDOGRGLD

7HP

SHUDWX

UD

>ƒ

&@

+RUiULRGH([SHULPHQWR

3ROLQ{PLR7HUPRSDU )XQGR

3ROLQ{PLR7HUPRSDU ÈJXD4XHQWH

3ROLQ{PLR7HUPRSDU ÈJXD)ULD

3ROLQ{PLR7HUPRSDU 6XSHUItFLHGR9LGUR

*UiILFR3HUILVGHWHPSHUDWXUDVGDiJXDIULDHGDiJXDTXHQWHHPIXQomRGRWHPSR

$ )RWR H[LEH D LPDJHP WpUPLFD GR WXER GH HQWUDGD GH iJXD IULD jV KFRPWHPSHUDWXUDGHƒ&VHQGRTXHDWHPSHUDWXUDPDUFDGDQRVLVWHPD

6LJQ([SUHVVŠXWLOL]DQGRWHUPRSDUHVpGHƒ&YDOLGDQGRDVVLPRVLVWHPD

GH DTXLVLomR GH GDGRV SRU WHUPRSDUHV SDUD XP HUUR UHODWLYR GH (VVD SHTXHQDYDULDomRGHWHPSHUDWXUDpGHFRUUHQWHGDVXSHUItFLHGRWXERHVWDUDXPD DJLWDomR PROHFXODU PDLRU TXH D GR VHLR GR OtTXLGR SRLV D UDGLDomR VRODU TXH LQFLGHVREUHRWXERSURGX]XPDWHPSHUDWXUDPDLRUHPVXDVXSHUItFLH$)RWR DSUHVHQWD D LPDJHP UHDO GR WXER GH HQWUDGD GH iJXD IULD JHUDGD SHOD SUySULD FkPHUDWpUPLFD

)RWR,PDJHPWpUPLFDGRWXERGHHQWUDGDGH iJXDIULDjVK

)RWR,PDJHPGHOX]YLVtYHOGRWXERGH HQWUDGDGHiJXDIULDjVK

7HPSHU

DW

XU

D>

ƒ&

@

+RUiULRGH([SHULPHQWR

*UiILFRVGRVSHUILVGHWHPSHUDWXUDVGHiJXDTXHQWHHIXQGRGRWXER HYDFXDGR

7DPEpPIRUDPUHJLVWUDGDVQR*UiILFRHPIXQomRGDVWHPSHUDWXUDVGR IXQGRGRWXERHYDFXDGRHDWHPSHUDWXUDGHiJXDTXHQWHHPVXDVDtGD

'D PHVPD IRUPD TXH QR *UiILFR DV WHPSHUDWXUDV QR LQtFLR GR H[SHULPHQWRVmRLJXDLVGHFRUUHQWHVGDEDL[tVVLPDLQWHQVLGDGHVRODU

$WpjVKDVYDULDo}HVHQWUHDVWHPSHUDWXUDVQDVDtGDGHiJXDTXHQWH HRIXQGRGRWXERVmRDSUR[LPDGDPHQWHLJXDLV$SDUWLUGHVVHKRUiULRKiXPD YDULDomRPDLRUQDWHPSHUDWXUDGDiJXDTXHQWHHPUHODomRjiJXDGRIXQGRGR WXERSRLVHVVHpRKRUiULRGHPDLRULQWHQVLGDGHVRODU

'DV K jV K Ki XPD HVWDELOL]DomR QDV WHPSHUDWXUDV GD iJXD TXHQWHQHVVHSHUtRGR

*UiILFR3HUILVGH7HPSHUDWXUDVGHVDtGDGDiJXDTXHQWHHLQMHomRiJXDIULDQRIXQGRGRWXER HYDFXDGRHPIXQomRGRWHPSR

7HPSHU

DW

XU

D>

ƒ&

@

+RUiULRGH([SHULPHQWR

*UiILFRGRVSHUILVGHWHPSHUDWXUDGRDUDPELHQWHHGDiJXD DTXHFLGD

3DUDFRPSDUDUDVWHPSHUDWXUDVGRDUDPELHQWHDRGDiJXDDTXHFLGDIRL FRQVWUXtGRR*UiILFR

1RLQtFLRGRH[SHULPHQWRDWHPSHUDWXUDGHVDtGDiJXDTXHQWHpDPHVPD GD iJXD IULD H D WHPSHUDWXUD GR DU DPELHQWH p PDLRU SRLV R VROR p DTXHFLGR DWUDYpVGDUDGLDomRVRODULQFLGHQWHRTXHDTXHFHHQWmRRDU

&RP R SDVVDU GR WHPSR D iJXD p DTXHFLGD DWUDYpV GD UDGLDomR VRODU LQFLGHQWH QD VXSHUItFLH GR WXER HYDFXDGR DWp R SRQWR HP TXH DV GXDV WHPSHUDWXUDV VH LJXDODP QR KRUiULR GDV K 'DV K jV K DV WHPSHUDWXUDV GR DU DPELHQWH H GD iJXD TXHQWH SDVVDP SRU XP SHUtRGR GH LQYHUVmR HP VXDV LQWHQVLGDGHV RX VHMD D WHPSHUDWXUD GD iJXD PDLRU TXH D WHPSHUDWXUDGRDU

$ SDUWLU GDV K DWp jV K D WHPSHUDWXUD GD iJXD TXHQWH p VLJQLILFDWLYDPHQWHPDLRUTXHDGRDUDPELHQWHGHFRUUHQWHGDDOWDLQWHQVLGDGHGD UDGLDomRVRODUVREUHRWXERHYDFXDGR

$SyV jV K D WHPSHUDWXUD GD iJXD TXHQWH WRUQDVH PHQRU TXH D WHPSHUDWXUDGRDUDPELHQWH,VVRRFRUUHSHODWHQGrQFLDGDiJXDTXHQWHVHLJXDODU DWHPSHUDWXUDGDiJXDIULDSRUQmRKDYHUPDLVDWLYLGDGHVRODUVLJQLILFDWLYDHD WHPSHUDWXUDDPELHQWHDLQGDVRIUHUDLQIOXrQFLDGDWHPSHUDWXUDGRVRORTXHIRL LUUDGLDGRSHORVROGXUDQWHWRGRRGLD2FDORUDEVRUYLGRSHORVRORDLQGDQmRIRL WRWDOPHQWHGLVVLSDGRSDUDRDUDPELHQWHPDQWHQGRDVVLPDWHPSHUDWXUDDPELHQWH PDLRUTXHDGDiJXDTXHQWH

)RWR,PDJHPWpUPLFDGDWHPSHUDWXUDGD

VDtGDGHiJXDTXHQWHjVK )RWR,PDJHPGHOX]YLVtYHOGDVDtGDGHiJXDTXHQWHjVK

*UiILFR3HUILVGHWHPSHUDWXUDVGRDUDPELHQWHHGDiJXDTXHQWHHPIXQomRGRWHPSR

*UiILFRGHWHPSHUDWXUDDPELHQWHHiJXDIULD

1D FRPSDUDomR HQWUH DV WHPSHUDWXUDV GD iJXD IULD H GR DU DPELHQWH R *UiILFR DSUHVHQWD XP DXPHQWR LQLFLDO GD WHPSHUDWXUD GR DU DPELHQWH HP UHODomRjiJXDIULDDWpDVKMXVWLILFDQGRTXHRDUDPELHQWHHVWiUHFHEHQGR FDORUGRVRORGHFRUUHQWHGDUDGLDomRVRODULQFLGHQWH

$ SDUWLU GDV K DV WHPSHUDWXUDV GH iJXD IULD H DU DPELHQWH VH LJXDODPSRLVDiJXDGHHQWUDGDiJXDIULDVRIUHXPDXPHQWRGHWHPSHUDWXUDSRU UHFHEHUUDGLDomRVRODUQRWXERGHHQWUDGD

7HP

SHUDWX

UD

>ƒ

&@

+RUiULRGH([SHULPHQWR

7HPSHUDWXUD $U$PELHQWH 7HPSHUDWXUDÈJXD4XHQWH 7HPSHUDWXUDGHiJXD

'DVKjVKRDUDPELHQWHWHPWHPSHUDWXUDPDLRUTXHDiJXD IULDSRLVDUDGLDomRVRODULQFLGHQWHQRVRORSURGX]XPDXPHQWRGHWHPSHUDWXUD GRDUTXHHVWiQDVXSHUItFLH

1RLQWHUYDORGHKHKiXPGHFUpVFLPRQDWHPSHUDWXUDGRDU DPELHQWHHPUHODomRDiJXDIULD(VVHIHQ{PHQRRFRUUHXGHYLGRDLQFLGrQFLDGH QXYHQVQRORFDOGRH[SHULPHQWR

*UiILFR3HUILVGHWHPSHUDWXUDVGRDUDPELHQWHHGDiJXDIULDHPIXQomRGRWHPSR

*UiILFRGDVWHPSHUDWXUDVGDVXSHUItFLHH[WHUQDGHYLGURGRWXERHGD iJXDTXHQWH

3DUD FRPSDUDU D WHPSHUDWXUD GD iJXD TXHQWH FRP D WHPSHUDWXUD QD VXSHUItFLH GR YLGUR H[WHUQR GR WXER HYDFXDGR IRL LQVWDODGR XP WHUPRSDU QD VXSHUItFLH H[WHUQD GR YLGUR H R UHVXOWDGR GDV YDULDo}HV GDV WHPSHUDWXUDV HVWi UHSUHVHQWDGRQR*UiILFR

1RKRUiULRGDVKjVK KRXYHDSDVVDJHPGHQXYHQVVREUHR ORFDOGRH[SHULPHQWRDVVLPFRPRQRSHUtRGRGDVKjVK

7HPSHU

DW

XU

D>

ƒ&

@

+RUiULRGH([SHULPHQWR

'DV K jV K D LQWHQVLGDGH VRODU IRL GUDVWLFDPHQWH UHGX]LGD SURYRFDQGRXPDTXHGDQDWHPSHUDWXUDGDVXSHUItFLHGRYLGURPDVDWHPSHUDWXUD GDiJXDTXHQWHIRLPDLRUGHFRUUHQWHGDLQpUFLDWpUPLFD

$ )RWR DSUHVHQWD D LPDJHP WpUPLFD GR HTXLSDPHQWR H LGHQWLILFD D WHPSHUDWXUD QD EDVH GR WXER HYDFXDGR FRPR ƒ& QR KRUiULR GDV K 1HVVHPHVPRKRUiULRDWHPSHUDWXUDUHJLVWUDGDSHORWHUPRSDUpGHƒ&FRP HUUR UHODWLYR GH (VVD GLIHUHQoD VH Gi SHOR IDWR GD FkPHUD WpUPLFD QmR PHGLUVRPHQWHDWHPSHUDWXUDGDVXSHUItFLHGRYLGURPDVWDPEpPGHVXDEDVH RQGHVHHQFRQWUDRYiFXRTXHpHQHJUHFLGD

*UiILFR3HUILVGHWHPSHUDWXUDVGDVXSHUItFLHGRYLGURHGDiJXDTXHQWHHPIXQomRGRWHPSR

7HPSHU

DW

XU

D>

ƒ&

@

+RUiULRGH([SHULPHQWR

)RWR,PDJHPWpUPLFDGRWXERHYDFXDGRjV K

)RWR,PDJHPOX]YLVtYHOK

*UiILFRGHHILFLrQFLDWpUPLFDGRVLVWHPD

$HILFLrQFLDGRVLVWHPDHPIXQomRGRWHPSRFDOFXODGDSHOD(TXDomR pDSUHVHQWDGDQR*UiILFRFRPEDVHQD7DEHOD

7DEHOD7HPSHUDWXUDVGDiJXDGRDPELHQWHIOX[RDEVRUYLGRSHORVLVWHPDIOX[RGHFDORUVRODU LQFLGHQWHHHILFLrQFLDGRVLVWHPD

+RUD 7iJXDTXHQWH 7iJXDIULD 7DPELHQWH )OX[R$EVRUYLGR )OX[R,QFLGHQWH (ILFLrQFLD >ƒ&@ >ƒ&@ >ƒ&@ >:@ >:@ >@

2SHUtRGRGHPDLRUHILFLrQFLDVHGiGDVKjVKTXDQGRR VLVWHPDHQWUDHPUHJLPHSHUPDQHQWH

¬VKKiXPDSHTXHQDTXHGDQDHILFLrQFLDGHFRUUHQWHGHQXYHQVQR ORFDOGRH[SHULPHQWR

*UiILFR(ILFLrQFLDWpUPLFDGRVLVWHPDHPIXQomRGRWHPSR

1R HVWXGR UHDOL]DGR SRU .DORJLURX RV WXERV HYDFXDGRV SRVVXHP XPD HILFLrQFLD WpUPLFD FRQVWDQWH HP UHODomR DRV GHPDLV FROHWRUHV FRQIRUPH LOXVWUDGR QR *UiILFR

*UiILFR(ILFLrQFLDGHGLYHUVRVWLSRVGHFROHWRUHVVRODUHVVHJXQGR.$/2*,528

&RPR SURFHGLPHQWR GH FiOFXOR SDUD GHWHUPLQDomR GD HILFLrQFLD WpUPLFD GRV FROHWRUHV VRODUHV &KDQJHW DO PRVWUDUDP TXH D HILFLrQFLD PpGLD SDUD RV

Ϭ ϭϬ ϮϬ ϯϬ ϰϬ ϱϬ ϲϬ ϳϬ

ϭϭ͗ϬϬ ϭϭ͗ϯϬ ϭϮ͗ϬϬ ϭϮ͗ϯϬ ϭϯ͗ϬϬ ϭϯ͗ϯϬ ϭϰ͗ϬϬ ϭϰ͗ϯϬ ϭϱ͗ϬϬ ϭϱ͗ϯϬ ϭϲ͗ϬϬ ϭϲ͗ϯϬ ϭϳ͗ϬϬ ϭϳ͗ϯϬ ϭϴ͗ϬϬ ϭϴ͗ϯϬ ϭϵ͗ϬϬ

Ĩ

ŝĐŝġŶĐŝĂ

΀й

΁

,ŽƌĄƌŝŽĚĞdžƉĞƌŝŵĞŶƚŽ

FROHWRUHV VRODUHV SODQRV p &RPSDUDQGR FRP R *UiILFR DSUHVHQWDGR SRU .DORJLURXHVVDHILFLrQFLDGLPLQXLVLJQLILFDWLYDPHQWHHPUHODomRDRVFROHWRUHV VRODUHV SRU WXERV HYDFXDGRV SRLV QHVWHV VXD HILFLrQFLD VH PDQWpP FRQVWDQWH HP DSUR[LPDGDPHQWH

*UiILFRGDWD[DGHWUDQVIHUrQFLDGHFDORUVRODULQFLGHQWHHWD[DGH FDORUDEVRUYLGR

3DUDXPDPHOKRUDQiOLVHGDHYROXomRGRIOX[RGHFDORUVRODULQFLGHQWHHR IOX[RGHFDORUDEVRUYLGRSHODiJXDIRLFRQVWUXtGRR*UiILFR

eSRVVtYHOYHULILFDUTXHPHVPRFRPXPDTXHGDGDLQWHQVLGDGHVRODUD SDUWLUGDVKRVLVWHPDFRQWLQXDDSUHVHQWDQGRDXPHQWRQDSRWrQFLDLVVRp GHFRUUHQWHGDLQpUFLDWpUPLFDHGRLVRODPHQWRWpUPLFRSURSRUFLRQDGRSHORYiFXR

8PD DYDOLDomR HVWDWtVWLFD IRL UHDOL]DGD QRV GDGRV GDV GXDV FXUYDV H SRVVXHP XP FRHILFLHQWH GH FRUUHODomR HVWDWtVWLFR GH (VVH FRHILFLHQWH PXLWR DEDL[R GH VH Gi SHOR IDWR GH TXH QHP WRGR IOX[R GR FDORU VRODU LQFLGHQWHIRLWUDQVIRUPDGRHPIOX[RGHFDORUDEVRUYLGRSHODiJXDGHFRUUHQWHGH SHUGDV

Ϭ

ϮϬ ϰϬ ϲϬ ϴϬ ϭϬϬ ϭϮϬ ϭϰϬ

ϭϭ͗ϬϬ ϭϭ͗ϯϬ ϭϮ͗ϬϬ ϭϮ͗ϯϬ ϭϯ͗ϬϬ ϭϯ͗ϯϬ ϭϰ͗ϬϬ ϭϰ͗ϯϬ ϭϱ͗ϬϬ ϭϱ͗ϯϬ ϭϲ͗ϬϬ ϭϲ͗ϯϬ ϭϳ͗ϬϬ ϭϳ͗ϯϬ ϭϴ͗ϬϬ ϭϴ͗ϯϬ ϭϵ͗ϬϬ

dĂ

džĂ

Ě

Ğd

ƌĂŶƐ

ĨĞƌ

ġŶĐŝĂ

ĚĞĂůŽƌ

΀t΁

,ŽƌĄƌŝŽĚĞdžƉĞƌŝŵĞŶƚŽ

*UiILFR7D[DGHWUDQVIHUrQFLDGHFDORUVRODULQFLGHQWHHIOX[RGHFDORUDEVRUYLGRHPIXQomRGR WHPSR

2 *UiILFR DSUHVHQWD DV SHUGDV GR VLVWHPD GXUDQWH WRGR R GLD GH H[SHULPHQWR UHSUHVHQWDGR QD iUHD HQWUH DV FXUYDV RX VHMD D GLIHUHQoD HQWUH D WD[DGHFDORULQFLGHQWHHRWD[DGHFDORUDEVRUYLGR

*UiILFR3HUGDVGRVLVWHPD±ÈUHDHQWUHWD[DGHFDORULQFLGHQWHHDWD[DGHFDORUDEVRUYLGRHP IXQomRGRWHPSR

*UiILFRVGHYD]mRPiVVLFD

'XUDQWH WRGR R H[SHULPHQWR IRL REVHUYDGD XPD GLPLQXLomR JUDGXDO QD YD]mRPiVVLFDQDVDtGDGRVLVWHPDUHSUHVHQWDGDQR*UiILFR

9HULILFRXVH XPD SHTXHQD TXHGD QD YD]mR GHFRUUHQWH GR DXPHQWR GH WHPSHUDWXUDGDiJXDSDUDXPDYD]mRLQLFLDOGHNJV

2XWURV HQVDLRV IRUDP HIHWXDGRV FRP YD]}HV LQLFLDLV GLIHUHQWHV H HVWmR UHSUHVHQWDGRVQR*UiILFR

FRPXPWXERGHDoRLQMHWDQGRiJXDIULDQRIXQGRGRWXERHYDFXDGR&RPRD YD]mR IRL SHTXHQD D WHPSHUDWXUD GH WUDEDOKR GR VLVWHPD HOHYRXVH FRQVLGHUDYHOPHQWHJHUDQGREROKDVLQWHUURPSHQGRDVVLPDYD]mR

2PHVPR*UiILFRDSUHVHQWDGXDVFXUYDVGHYD]}HVXPDGRH[SHULPHQWR UHDOL]DGRQRGLDFRPYD]mRLQLFLDOGHNJVXWLOL]DQGRXP WXER FHQWUDO GH DoR H RXWUD GR H[SHULPHQWR UHDOL]DGR QR GLD FRP YD]mRLQLFLDOGHNJVFRPWXERFHQWUDOWLSR&39&

2 FRPSRUWDPHQWR GD YD]mR SDUD R WXER &39& IRL PDLV XQLIRUPH HP UHODomRDRWXERGHDoRGHYLGRDRSUySULRLVRODPHQWRWpUPLFRGR&39&2DoR SRVVXLXPDFRQGXWLELOLGDGHWpUPLFDPDLRUTXHR&39&

¬ PHGLGD TXH D YD]mR LQLFLDO DXPHQWD D FXUYD GH YD]mR GR *UiILFR WHQGHDXQLIRUPLGDGHSRUpPpQHFHVViULDPDLRUFLUFXODomRGHiJXDSDUDVHREWHU D PHVPD TXDQWLGDGH GH HQHUJLD RX VHMD YD]}HV PXLWR SHTXHQDV JHUDP WHPSHUDWXUDV PDLRUHV PDV SURYRFDP SDUDOLVDomR GR IOX[R GH iJXD TXHQWH H YD]}HV PXLWR JUDQGHV DXPHQWDP R YROXPH GH iJXD TXHQWH FRP WHPSHUDWXUDV PHQRUHV

8PDDQiOLVHSHUFHQWXDOGHFDGDSHUILOGHYD]mRGR*UiILFRDSUHVHQWD

x 3DUDRWXER&39&FRPYD]mRGHNJVXPDUHGXomRGH QDYD]mR

x 3DUD R WXER GH DoR FRP YD]mR GH NJV XPD UHGXomR Pi[LPDGH

(VVD DQiOLVH PRVWUD TXH R WXER FHQWUDO GH &39& JHUD YDORUHV PDLV XQLIRUPHVGHFRUUHQWHGDPHQRUFRQGXWLELOLGDGHWpUPLFDHPUHODomRDRDoR

*UiILFR9D]mRPiVVLFD9D]mRLQLFLDONJVHPIXQomRGRWHPSR *UiILFR3HUILVGHYD]}HVPiVVLFDVSDUDGLYHUVDVYD]}HVLQLFLDLVHPIXQomRGRWHPSR *UiILFRGRH[SHULPHQWRHIHWXDGRQRGLDWRGR

&RP D ILQDOLGDGH GH FKHFDU VH R FRPSRUWDPHQWR GR VLVWHPD GLIHUH GRV UHDOL]DGRV HP WHPSR SDUFLDO IRL UHDOL]DGR XP HQVDLR D SDUWLU GDV K DSUHVHQWDGRQR*UiILFR 9D]mR 0iVVLFD >NJV@ +RUiULRGH([SHULPHQWR Ϭ Ϭ͕ϬϬϭ Ϭ͕ϬϬϮ Ϭ͕ϬϬϯ Ϭ͕ϬϬϰ Ϭ͕ϬϬϱ Ϭ͕ϬϬϲ

ϭϭ͗ϬϬ ϭϭ͗ϯϬ ϭϮ͗ϬϬ ϭϮ͗ϯϬ ϭϯ͗ϬϬ ϭϯ͗ϯϬ ϭϰ͗ϬϬ ϭϰ͗ϯϬ ϭϱ͗ϬϬ ϭϱ͗ϯϬ ϭϲ͗ϬϬ ϭϲ͗ϯϬ ϭϳ͗ϬϬ ϭϳ͗ϯϬ ϭϴ͗ϬϬ ϭϴ͗ϯϬ ϭϵ͗ϬϬ ϭϵ͗ϯϬ

(PFRPSDUDom GDV WHPSHUDWXUDV ' DWLYLGDGHVRODUpEDL PXLWRSUy[LPDV

1RWDVHWDPEp TXHQmRKRXYHLQFLG

3URGXomRG

$ WHPSHUDWXUD UHODomRjHQWUDGDGH

$YD]mRYROXP GDVKjV SDUDXPWXERHYDFXD

*UiILFR3HUILVGHWHPSH

mRFRPR*UiILFRQmRKRXYHDOWHUDomRQR 'HVWDFDVH TXH QR KRUiULR GDV K jV

L[DDVWHPSHUDWXUDVGHiJXDTXHQWHHiJXDIU

pPTXHDWHPSHUDWXUDGDVXSHUItFLHGRYLGURp GrQFLDVRODUQRUHIHULGRSHUtRGR

RVLVWHPD

GH VDtGD GH iJXD TXHQWH WHYH XP DFUpVFLP HiJXDIULD

PpWULFDPpGLDpGHOLWURVPLQXWRHD KWHPVHXPDSURGXomRGHOLWURVGH

DGR

HUDWXUDVHPGLYHUVRVSRQWRVHPIXQomRGRWHPSR FRPSOHWR

RFRPSRUWDPHQWR K TXDQGR D ULDVmRHVWiYHLVH

pEDL[DXPDYH]

PR GH ƒ& HP

DVVLPQRSHUtRGR HiJXDDTXHFLGD

$1È/,6(7(Ï5,&$

(PXPDDQiOLVHFRPSXWDFLRQDOXWLOL]DQGRRVRIWZDUH&)'&RPSXWDFLRQDO)OXLG

'\QDPLFV )OXLGR'LQkPLFD &RPSXWDFLRQDO $YDOORQH H 6DWR DQDOLVDUDP R

FRPSRUWDPHQWR WpUPLFR WDQWR GR WXER HYDFXDGR TXDQWR GD PRGLILFDomR RX VHMD GD LQVWDODomRGRWXERFHQWUDOSDUDLQMHomRGHiJXDIULDQRIXQGRGRWXERHYDFXDGR

$VVHJXLQWHVFRQGLo}HVGHFRQWRUQRIRUDPHPSUHJDGDVSDUDDVLPXODomR

x &DUDFWHUtVWLFDVGRPRGHOR

¾ 0RGHODGRDSHQDVDUHJLmRGRIOXLGR

¾ 7XERLQWHUQRIRLRPLWLGRHPVHXOXJDUIRLDGPLWLGDXPDLQWHUIDFH

OtTXLGROtTXLGRVHPWUDQVSRUWHGHPDVVDDWUDYpVGDPHVPD

¾ 'HYLGRjVLPHWULDGRIHQ{PHQRQRWXERH[WHUQRDGPLWLUDPVHWUrV

UHJL}HVGHLQFLGrQFLD

x &RQGLo}HV)OXLGRGLQkPLFDV

¾ &RQGLomRGHQmRGHVOL]DPHQWRSDUDWRGDVDVLQWHUIDFHVOtTXLGR

SDUHGHVGDVVXSHUItFLHVGRVWXERV

¾ 0RGHOR/DPLQDU

¾ $EHUWXUDSDUDRFRQHFWRUPRGHODGDFRPRDEHUWXUDGHSUHVVmR

HVWiWLFD]HUR

x &RQGLo}HVGH&RQWRUQR7pUPLFDV

¾ )OX[RGHFDORULQFLGHQWHHFRQKHFLGRQDVXSHUItFLHGRWXERH[WHUQR HPIXQomRGRWHPSRVHQGRREWLGDVGRVGDGRVH[SHULPHQWDLVDV VHJXLQWHVHTXDo}HV

ƒ 5DGLDomRVXSHULRU

W

D

W

D

D

4

u

u

ƒ 5DGLDomRLQIHULRU

W

D

W

D

D

4

u

u

ƒ _{5DGLDomRODWHUDOREWLGDDWUDYpVGDLQWHUSRODomRGRVGDGRV}

H[SHULPHQWDLVFROKLGRVQRVSRQWRVGHPHGLomR³´H³´ JHUDQGRRVHJXLQWHSROLQ{PLRSDUDRVGRLVSRQWRV

W

D

W

D

D

4

u

u

2QGH W,QVWDQWHGHWHPSRGDVLPXODomR>V@ D V P

: _D

[

V P

: _D

V P : D V P :

D _{P V}

:

D _{P V}

:

D

P

: _D

P

: _D

P :

x 7HPSHUDWXUDLQLFLDOFRQKHFLGDƒ&

x 7HPSHUDWXUDGDHQWUDGDGHiJXDIULDFRQKHFLGDPHGLGDSHORWHUPRSDU

W

E

W

E

E

7

u

u

x 7HPSHUDWXUDG¶iJXDQDVDtGDGRFRQHFWRUFRQKHFLGDPHGLGDSHOR WHUPRSDU

W

E

W

E

E

7

u

u

2QGH

E [

V &

q

E [

V &

q

E

V &

q

E

V &

q

E q& E q&

ĺ$GPLWLXVHXPDFRQGLomRGHVLPHWULDQRWXERHYDFXDGRSDUDUHGXomRGRFXVWR FRPSXWDFLRQDO

&RPSRUWDPHQWRGDVDtGDGHiJXDIULDQRIXQGRGRWXERHYDFXDGR

$ iJXD IULD HVFRD SHOR WXER FHQWUDO FRP XPD YHORFLGDGH DSUR[LPDGD GH [ _{PV 3RXFR DQWHV GH VH FKRFDU FRP R IXQGR GR WXER HYDFXDGR D}

YHORFLGDGHUHGX]SDUDD[_{PVFRQIRUPH)LJXUD}

&RPRDXPHQWRGDWHPSHUDWXUDDGHQVLGDGHGDiJXDGLPLQXLID]HQGRFRP RTXHDYHORFLGDGHDXPHQWHQRYDPHQWH

)LJXUD&RPSRUWDPHQWRGDiJXDIULDQDVDtGDGRIXQGRGRWXERHYDFXDGR

&RPSRUWDPHQWRGDVDtGDGHiJXDTXHQWHGRWXERHYDFXDGR

$)LJXUDDSUHVHQWDRFRPSRUWDPHQWRGDVYHORFLGDGHVQDVDtGDGHiJXD TXHQWHGRWXERHYDFXDGR

e SRVVtYHO QRWDU TXH Ki XP UHWRUQR GH iJXD SDUD R LQWHULRU GR WXER HYDFXDGRSURYRFDQGRXPDUHFLUFXODomRDSUHVHQWDGDQD)LJXUDH)LJXUD

)LJXUD&RPSRUWDPHQWRGDYHORFLGDGHQDVDtGDGHiJXDTXHQWHGRWXERHYDFXDGR

)LJXUD5HFLUFXODomRGHiJXDQDHQWUDGDGRWXERHYDFXDGR

(VSHFWURGHYHORFLGDGHVQDVDtGDGRWXERHYDFXDGR

7DPEpPpSRVVtYHOYLVXDOL]DURHVSHFWURGHYHORFLGDGHVQDVDtGDGRWXER HYDFXDGR)LJXUD$VYHORFLGDGHVQDUHJLmRVXSHULRUUHJLmR)LJXUDGR WXERTXHUHFHEHRPDLRUIOX[RVRODUWHPLQWHQVLGDGHPDLRUTXHDUHJLmRLQIHULRU UHJLmR)LJXUDGHILQLGDVQRLWHP

(VVDGLIHUHQoDGHYHORFLGDGHVFRUUHVSRQGHFRPDUHDOLGDGHSRLVTXDQGR DXPHQWDVHDWHPSHUDWXUDGDiJXDVXDGHQVLGDGHGLPLQXLDXPHQWDQGRDVVLPVXD YD]mRYROXPpWULFD

)LJXUD(VSHFWURGHYHORFLGDGHVQDVDtGDGHiJXDTXHQWHGRWXERHYDFXDGR

$PHVPDUHFLUFXODomRpYLVXDOL]DGDQD)LJXUDRQGHDSDUWHVXSHULRUTXH UHIHUHVHjUHJLmRGD)LJXUDUHSUHVHQWDDVDtGDGHiJXDTXHQWHHDSDUWHLQIHULRU TXHUHIHUHVHjUHJLmRGD)LJXUD

$iJXDDTXHFLGDUHWRUQDSDUDRWXERHYDFXDGRRTXHSRGHVHUYLVXDOL]DGRSHOR SHUILOGHYHORFLGDGHVQD)LJXUD

)LJXUD3HUILVGHYHORFLGDGHVQRLQWHULRUGRWXERHYDFXDGR

&21&/86®(6

2WUDEDOKRDSUHVHQWDGRIRLSDXWDGRQRHVWXGRGRFROHWRUVRODUGHWXERHYDFXDGR FRP D PRGLILFDomR RX VHMD D LQVWDODomR GH XP WXER FHQWUDO DWp R IXQGR GR WXER HYDFXDGR LQMHWDQGR iJXD IULD $ iJXD TXHQWH p GHVFDUUHJDGD HP XP FRQHFWRU GH SDVVDJHPIL[DGRDRWXERHYDFXDGRTXHSRVVXLXPDVDtGDVXSHULRUSRURQGHDiJXD DTXHFLGDpGHVFDUWDGD

&RPEDVHQRVUHVXOWDGRVREWLGRVQRVH[SHULPHQWRVFRQFOXLVHTXH

x &RPDLQVWDODomRGRWXERGHLQMHomRGHiJXDIULDSDUDRIXQGRGRWXER HYDFXDGRFRPRSURSRVWRQHVVHWUDEDOKRREVHUYRXVHXPDUHFLUFXODomR LQGHVHMDGDQDVDtGDGDiJXDTXHQWHGRWXERHYDFXDGRRTXHSUHMXGLFRXD HILFLrQFLDGRVLVWHPD

x $LQVWDODomRGRWXERFHQWUDOHPDoRGHYLGRVXDPDLRUFRQGXWLELOLGDGH WpUPLFD HP UHODomR DR WXER &39& HOHYD D WHPSHUDWXUD GR IOX[R GH HQWUDGDGDiJXDIULDHDVVLPGLPLQXLRJUDGLHQWHGHWHPSHUDWXUDHQWUHD SDUHGHLQWHUQDGRWXERHYDFXDGRHRIOX[RGHHQWUDGDGHiJXDHSRUWDQWR PHQRU D WHPSHUDWXUD GH VDtGD GD iJXD HP FRQVHTrQFLD YDORUHV DOHDWyULRVQDYD]mRGHVDtGDGDiJXD

75$%$/+26)878526

x (YLWDURFRQWDWRGRVIOX[RVGHiJXDTXHQWHHIULDSHORGHVYLRGRIOX[RGD iJXD TXHQWH SHOR LQWHULRU GR FRQHFWRU GH SDVVDJHP R TXH SRGHULD IRUQHFHUUHVXOWDGRVPDLVVDWLVIDWyULRV

x 3URSRUHYDOLGDUXPPRGHORPDWHPiWLFRSRUFRPSDUDomRHQWUHRVGDGRV WHyULFRVHRVH[SHULPHQWDLVREWLGRVQHVVHWUDEDOKR

x (IHWXDU RV PHVPRV HQVDLRV SURSRVWRV QHVVH WUDEDOKR XWLOL]DQGR XPD

LQVWDODomRFRPVLPXODomRGDOX]VRODUSRUPHLRGHOX]HVDUWLILFLDLV

x $QiOLVHH[SHULPHQWDOSDUDGHWHUPLQDURQ~PHURQHFHVViULRGHWXERVHP

VpULHSDUDDiJXDDWLQJLUVXDWHPSHUDWXUDPi[LPDQDVDtGD

x (VWXGDUDWUDQVPLWkQFLDGRYLGURHVSHVVXUDGHSDUHGHGRWXERLQWHUQRHD

GLIHUHQoD HQWUH RV GLkPHWURV LQWHUQR H H[WHUQR GRV WXERV GH YLGUR YLVDQGR D GLPLQXLomR GD SDUFHOD GH FDORU VRODU LQFLGHQWH SHUGLGD HP UHODomRjTXDQWLGDGHGRFDORUVRODUDEVRUYLGRSHODiJXD

%,%/,2*5$),$

$9$//21((6$72$,5HODWyULRGH6LPXODomR&RPSXWDFLRQDOWLSR&)' &RPSXWDFLRQDO)OXLG'\QDPLFVGHXP7XER(YDFXDGR0RGLILFDGR)DFXOGDGHGH (QJHQKDULDGH%DXUX8QLYHUVLGDGH(VWDGXDO3DXOLVWD³-~OLRGH0HVTXLWD)LOKR´ 81(63%DXUXMXQ

%8',+$5'-2,(YDFXDWHG7XEXODU6RODU:DWHU+HDWHUV6LGQH\$XVWUDOLD 8QLYHUVLW\RI1HZ6RXWK:DOHV

%8',+$5'-2,0255,621*/3HUIRUPDQFHRIZDWHULQJODVVHYDFXDWHGWXEH VRODUZDWHUKHDWHUV62/$5(1(5*<YQS±

%877,.3(5/,1-+RUDFHGH6DXVVXUHDQGKLV+RW%R[HVRIWKH¶V 'LVSRQtYHOHPKWWSVRODUFRRNLQJRUJVDXVVXUHKWP!$FHVVRHPMXQ

&$%$1,//$65((675$'$&$$9,/$)$GHYLFHIRUPHDVXULQJWKH DQJXODUGLVWULEXWLRQRILQFLGHQWUDGLDWLRQRQWXEXODUVRODUFROOHFWRUV5HQHZDEOH

(QHUJ\YQS±2XWXEUR

&+$1*-0HWDO$SURSRVHGPRGLILHGHIILFLHQF\IRUWKHUPRV\SKRQVRODUKHDWLQJ

V\VWHPV6RODU(QHUJ\YQS±

'8)),(-$%(&.0$1:$6RODU(QJLQHHULQJRI7KHUPDO3URFHVVHV1HZ <RUN-RKQ:LOH\ 6RQV,QF

(/1$6+$5$06HDVRQDOHIIHFWRIGXVWGHSRVLWLRQRQDILHOGRIHYDFXDWHGWXEH FROOHFWRUVRQWKHSHUIRUPDQFHRIDVRODUGHVDOLQDWLRQSODQW'(6$/,1$7,21Y QS±$EULO

*5832*7$5LRHD&RQVWUXomRGH&LGDGHV6XVWHQWiYHLV

+($/7+7/7KH:RUNVRI$UFKLPHGHV8QLWHG6WDWHVRI$PHULFD'RYHU 3XEOLFDWLRQ,QF

.$/2*,52866RODU(QHUJ\(QJLQHHULQJR_{HG8QLWHG6WDWHVRI$PHULFD%ULWLVK}

/LEUDU\&DWDORJXLQJLQ3XEOLFDWLRQ'DWDY

.,0<6(277KHUPDOSHUIRUPDQFHVFRPSDULVRQVRIWKHJODVVHYDFXDWHGWXEHVRODU FROOHFWRUVZLWKVKDSHVRIDEVRUEHUWXEH5(1(:$%/((1(5*<YQS± $EULO

/$=1276,PDJH)XUQDQFH7HFKQLTXHV,QWHUVFLHQFH1HZ<RUN>VQ@

/,0:$1*//,QYHVWLJDWLRQRIHYDFXDWHGWXEHKHDWHGE\VRODUWURXJK

FRQFHQWUDWLQJV\VWHP(1(5*<&219(56,21$1'0$1$*(0(17YQ S±'H]HPEUR